Shares of Mammoth Energy Group Inc. (PINK: MMTE) are soaring in today’s trading. The penny stock is currently trading 23.81% higher at $0.0026, with volume up from daily average of 73.62 million to 229.78 million.
The penny stock of Mammoth Energy is soaring after the company today announced that its wholly owned subsidiary in Chile, Compania Lithium Investments Limitada, acquired an initial thirteen lithium concessions for a total of 3,500 hectares in the southern section of the Salar de Maricunga basin, which is located in the province of Copiapo, Chile.
Mammoth Energy earlier this month released its first-quarter financial results. The company did not have any revenue in the first quarter of 2011. It reported a loss from operations of $100,120 for the first quarter. The company’s first-quarter net loss was $219,006. At the end of the first quarter, the company had $37,734 in total assets.
Mammoth Energy Group is engaged in the acquisition, development and operation of strategic mining energy reserves locations throughout the world. The company seeks to become a leading energy supplier and operator.