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.
Copyright Business Wire 2013