Prospect Global Resources Announces the Release of a Pre-Feasibility Study
Terminates Rights Offering
Receives Senior Debt Extension
DENVER -- June 18, 2013
Prospect Global Resources Inc. (NASDAQ: PGRX) (“Prospect Global” or the
“Company”) is pleased to announce today that the Company’s ongoing engineering
optimization work and analyses will result in the publication of a
Pre-Feasibility Study in July.
Prospect Global is terminating its previously announced rights offering which
was scheduled to expire at 5:00 p.m., New York City time, on Monday, June 17,
2013. In accordance with the terms of the rights offering, any money received
from subscribing stockholders will be refunded promptly, without interest or
In addition, the Company has obtained an extension of its obligation to raise
$7 million by June 17, 2013 under the senior secured promissory note issued to
The Karlsson Group Inc. Under the extension, the Company has until June 24,
2013 to enter into a formal written agreement with The Karlsson Group revising
the terms of the senior debt.
About Prospect Global Resources Inc.
Prospect Global Resources Inc. is a Denver-based company engaged in the
exploration and development of a potash mine located in the Holbrook Basin of
eastern Arizona. Prospect Global’s stock is traded on the NASDAQ Capital
Market under the ticker symbol PGRX.
Additional details about Prospect Global Resources Inc. can be viewed at the
Company’s website, www.prospectgri.com.
Regarding Forward-Looking Statements
With the exception of historical matters, the matters discussed in this press
release include forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
projections or estimates contained herein. Such forward-looking statements
include statements regarding current and future classification of Prospect
Global’s potash resources, development of its potash resources and potash
mining facility, The Karlsson Group extension and the Pre-Feasibility Study.
Factors that could cause actual results to differ materially from projections
or estimates include, among others, potash prices, economic and market
conditions, and the additional risks described in Prospect Global's filings
with the SEC, including Prospect Global's Annual Report on Form 10-K for the
year ended March 31, 2012. Most of these factors are beyond Prospect Global's
ability to predict or control. The forward-looking statements are made as of
the date hereof and, except as required under applicable securities
legislation, Prospect Global does not assume any obligation to update any
forward-looking statements. Readers are cautioned not to put undue reliance on
Prospect Global Resources Inc.
Gregory M. Dangler, Interim CFO
+1 (303) 990-8444
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