Okay folks, the MMTE/TTXP saga continues.
On 5/18/2011 Mammoth Energy announces it had completed its due diligence on its lithium acquisitions. "We have finalized our transactions and expect to announce our first Chilean acquisition in the upcoming days," said William Lieberman, President of Mammoth Energy Group. I was shocked by this statement, and I know others were too, because most of us thought we already had concessions based on previous press releases.
Mr. S. Ahshrup was again the contact person, but I got William when I called.
On 7/13/2011 Mammoth Energy announced it was creating a non executive advisory board for strategic consulting to the company. The board would be comprised of an international mix of advisors focused on the strategic development of the company and potential joint partners. Most of us did not know what this meant at the time, but it did sound like a really big deal. After all, isn't this something a much bigger company would do?
On 3/22/2012 Mammoth Energy announced it engaged audit firm RBSM LLP of New York City to commence an audit of Mammoth Energy Group, Inc.' s financial statements in connection with the planned preparation and filing of a registration statement with the Securities & Exchange Commission.
William Lieberman added, "This has always been the goal and now with two years of excellent financial record keeping this is the next step for an up listing of the company." Furthermore, "The audits of the Company's financial statements and the filing of a registration statement is an important milestone for the Company in connection with its planned move to the OTCQX," he added.
Strangely, this was the last we ever heard about an audit from William, and RBSM LLP of New York City never did complete an audit.
Then on 7/17/2012 Mammoth Energy announced that matters are progressing in the development of its Chilean lithium assets. The press release stated:
"We have a number of potential options on the table," said William Lieberman, President of Mammoth Energy Group. "I believe that all shareholders in Mammoth Energy Group will be pleased with the direction that we intend to proceed into. We have been approached by potential joint-venture partners as well as a potential acquisition of MMTE's assets and have also been progressing on additional financing agreements. The development of the Company is a methodical process, however, we are focused on increasing shareholder value and expect to finalize the next steps for the Company."
This press release was interesting. William said "matters are progressing in the development of its Chilean lithium assets." What, exactly, does that mean?
And, once again we hear that "we have a number of potential options on the table." That damn table again. No wonder nothing ever developed. The options were always on the table, and never went anywhere else.
On 7/25/2012 some suspected things were bad when William announced he was leaving the following week for Canada for the purpose of negotiating lithium off take and joint venture agreements. This actually meant William was making cold calls on potential lithium companies that might be interested in MMTE concessions, but had never expressed an interest in anything MMTE had and likely never heard of them before. William added in regard to MMTE's share prices dropping through the floor:
"Our trading activity correlates with an equity capital raise with an institutional fund where the Company raised $220,000 USD for the purchase of MMTE's lithium assets a year ago.” What? I mean, WHAT?
I called William about this statement and asked what was going on. William said this was the last of the money he had invested to buy the Chilean lithium concessions, and he needed it back because of some deal he was working on in Florida. So, I now realized William pulled all his own money out of this lithium adventure. It was at this time that I pulled my money out of MMTE, and I tried to tell others as well. I suspect William already knew the Chilean government was not going to allow lithium mining, but didn't want to let investors know because he never did have a back up or contingency plan. My God people, MMTE could have processed potassium within the Chilean regulations, and just stored the lithium until regulations changed. Potassium is the cash cow of the big lithium miners, and it is a by-product of lithium production, so this should have been the plan all along.
While there are all kinds of side stories that go with this MMTE saga, including the rumored merger with TTXP, this is really the end of the story. MMTE is dead, and most investors lost everything. The only ones who didn't lose were the pumpers and moderators on IFlub. They brag that they made money, and if you didn't, it was your own damn fault for not "knowing how to play the game."
I still ask the question, what game were they talking about? Very likely the game was telling stories and pumping while they got out and left all others to flounder.
