DENVER, Sept. 5, 2012 /PRNewswire/ -- Veteran mining executives Hugh Eisler and Anita Marks have joined Prospect Global Resources Inc. (NASDAQ: PGRX) as Heads of Mining Engineering and Process Engineering, respectively, the company announced today. Both executives join Prospect with 24 years of experience in designing, permitting, developing and operating large-scale mining facilities. Mr. Eisler and Ms. Marks each have held senior engineering roles with Intrepid Potash, Phelps Dodge and Kennecott. They have been consulting for Prospect for over a year, while Chief Executive Officer Pat Avery has built the enterprise from the ground up. Prospect Global Resources continues to attract industry-leading executives, as recently seen with the addition of Brian Wallace, former President of Incitec Pivot's Dyno Nobel Americas, as Prospect's Chief Operating Officer. "Our hiring of Hugh and Anita shows our commitment to recruiting the best commercial and technical talent to help us develop one of the nation's most promising potash sites," Mr. Avery said. 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. 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.