NEW YORK--(BUSINESS WIRE)--Mammoth Energy Group Inc. (MMTE: OTC PINK) announced today that it expects and intends to reduce its outstanding common shares by 67,198,300 common shares as a result of the unwinding of its Chilean assets. The company is currently negotiating a buy-out and sale of these assets and expects that there will be a cash component to the company and a dividend payable to shareholders of record on top of the reduction of common shares. Terms are expected to be announced by the end of April.
About Mammoth Energy Group Inc. (OTC MARKETS: MMTE) www.mammoth-energy.com
Mammoth Energy Group Inc. is focused on acquiring, and developing strategic and operational mineral reserves in locations throughout the world. Mammoth Energy’s goal is to become an important partner as the world’s energy paradigm begins to change throughout the next decade and beyond.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
|Contact:||Ms. Sam Oneka|
|Phone:||(917) 725 - 4171|