DENVER, Dec. 18, 2012 /PRNewswire/ -- Prospect Global Resources, Inc. (NASDAQ: PGRX) today announced the appointment of Damon G. Barber as Chief Financial Officer, effective December 13, 2012. Mr. Barber has more than 20 years' experience in natural-resources finance and operations and is former Chief Executive Officer of CST Mining Group Limited, a Hong Kong-based mining company. While CEO of CST, Mr. Barber led a $600-million public equity raise to acquire two copper mine development projects. He subsequently directed the development of one project into production and directed the development of the second project to where it was sold for $505 million, returning CST approximately two times its investment in the project. During this time, Mr. Barber also served as Chairman of Marcobre S.A.C., a joint venture between CST and Korea Resources Corporation and LS Nikko. Prior to joining CST, Mr. Barber was a Managing Director at Deutsche Bank and served as the Head of Deutsche Bank's Metals and Mining investment banking practice in Asia-Pacific. Mr. Barber also spent more than 11 years at Credit Suisse, including almost 10 years as an investment banker in Credit Suisse's Energy Group. "Damon is that rare individual who has proven himself in every facet of our industry," said Prospect Global Chief Executive Pat Avery. "After years as an investment banker, advising firms on mergers and acquisitions and capital-markets activity, he moved seamlessly to the mining operations side, assembling management teams and overseeing money-raising, planning, permitting and full production. His title is CFO, but we expect Damon to contribute in every aspect of Prospect Global's development." Mr. Barber graduated from the University of Kentucky with a B.S. in Mining Engineering and began his career as a section foreman at CONSOL Energy Inc.'s Loveridge Mine. Mr. Barber holds an MBA from the Wharton School of the University of Pennsylvania. 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.