DENVER, July 2, 2012 /PRNewswire/ -- Prospect Global Resources Inc. (NASDAQ: PGRX), announced today that its common shares have commenced trading on The NASDAQ Capital Market under the ticker PGRX. Prospect Global Resources is a Denver based company engaged in the exploration and development of a large, high-quality potash deposit located in the Holbrook Basin of Eastern Arizona. "We are thrilled to welcome Prospect Global Resources to our family of listed companies in the resource space," said Bob McCooey, Senior Vice President, Global Corporate Client Group, NASDAQ OMX. "NASDAQ is committed to help increase Prospect's visibility in the trading and investment communities. We look forward to our partnership." 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 future sales of common stock and the use of proceeds from such sales. Factors that could cause actual results to differ materially from projections or estimates include, among others, potash prices, economic and market conditions, as well as the additional risks described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended March 31, 2012, as amended. Most of these factors are beyond the company'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, the company does not assume any obligation to update any forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements. SOURCE Prospect Global Resources Inc.
Prospect Global Resources (PGRX) dropped to a one-year low of $1.05 at the close of trading on Friday after the company said it received notice from NASDAQ that it would be suspended from trading on Monday because it had failed to comply with a NASDAQ listing rule that mandates a minimum market value of listed common stock of $35 million. The stock will move to the OTCQB market starting Monday under the same symbol. Prospect Global, which is developing a potash mine in Arizona, announced Friday it had signed an agreement to reduce the cash amount necessary to extinguish its senior secured debt to $15 million from $25 million. The company has filed a registration statement with the Securities and Exchange Commission for a public offering to help fund the payment. Prospect Global has until April 23 to raise the capital to extinguish the debt. Prospect Global has approximately $153.1 million in obligations outstanding to its senior secured lender with a maturity in July 2015, but the $15 million payment will extinguish this amount.