DENVER, Aug. 15, 2012 /PRNewswire/ -- Prospect Global Resources Inc. (NASDAQ: PGRX) today announced the appointment of Brian Wallace as Chief Operating Officer, effective immediately. Mr. Wallace has worked for 28 years in the mining and specialty chemicals businesses, most recently as president of explosives manufacturer Dyno Nobel Americas. In his new role, Mr. Wallace will aggressively pursue the build-out of Prospect Global's worldwide sales and marketing presence. "Brian's unique background makes him an ideal fit with our strong technical and financial team," said Prospect Global Chief Executive Pat Avery. "Along with his obvious leadership skills, Brian brings long-term global relationships within the competitive commercial world of fertilizers and specialty chemicals," Mr. Avery added. "We believe he will play a critical role in establishing Prospect Global Resources as a major supplier of the world's potash." Dyno Nobel, a $1.2-billion, 3,000-employee division of Australian fertilizer and specialty chemicals supplier Incitec Pivot Ltd., provides nitrogen fertilizers and explosive products and services to the agricultural, mining, quarrying, construction and seismic exploration industries in North and South America. Before becoming president of Dyno Nobel in 2008, Mr. Wallace was vice president of strategy for Incitec Pivot. Before that, he served as a senior vice president of Orica Limited, a global diversified chemicals manufacturer supplying the mining/resources sectors, where he was responsible for designing and implementing retention strategies for the company's top global customers. About Prospect Global Resources Inc. [PGRX]: Prospect Global Resources Inc. 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.
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.