PGRX Finance Update: Prospect Global Warrant Holders Exercise at $4.05–Raises $3.0 Million

  PGRX Finance Update: Prospect Global Warrant Holders Exercise at
  $4.05–Raises $3.0 Million

   Capital to continue drilling and Definitive Feasibility Study efforts in
                                   Holbrook

Business Wire

DENVER -- September 26, 2013

Prospect Global Resources Inc. (NASDAQ:PGRX) announced today that 737,000 of
its outstanding Class B Warrant were exchanged for Class B-1 Warrants and were
then exercised at $4.05 per share for one share of common stock and 1.75 Class
A Warrants per Class B-1 Warrant exercised. The Class A Warrants are
exercisable for one share of common stock at $4.05 per share (after adjustment
for the issuance and exercise of the Class B-1 Warrants) and expire in June,
2018. Prospect Global will receive $3.0 million in gross proceeds from the
exercise that will be used to continue its drilling program and development of
a definitive feasibility study and for operating expenses and mandatory debt
repayments.

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/A
for the year ended March 31, 2013. 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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