Prospect Global Announces Closing of $5 Million Equity Offering

  Prospect Global Announces Closing of $5 Million Equity Offering

    Financing Will Support Continued Development of Holbrook Basin Project

Business Wire

DENVER -- June 26, 2013

Prospect Global Resources Inc. (NASDAQ:PGRX) announced today that it has
closed its previously announced underwritten public offering of 41,666,700
units at $0.12 per unit. The gross proceeds to the Company from the offering
were $5 million. Each unit consists of one share of common stock, one Series A
Warrant to purchase one share of common stock, and one Series B Warrant to
purchase one share of common stock and one additional Series A Warrant. The
underwriters have exercised their option to purchase up to an additional
1,173,190 warrant units consisting of one Series A Warrant and one Series B
Warrant at an exercise price of $0.0001 per unit, less underwriting
commissions, solely to cover overallotments.

Roth Capital Partners, LLC acted as the sole manager for the offering.

The offering was conducted via an existing effective shelf registration
statement. An electronic prospectus supplement relating to the offering has
also been filed with the SEC and is available on the SEC’s website at
http://www.sec.gov.

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 and development of its potash resources and potash
mining facility. 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
forward-looking statements.

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.

Contact:

Prospect Global Resources Inc.
Gregory M. Dangler, Interim CFO
+1-303-990-8444
 
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