DENVER, Feb. 25, 2013 /PRNewswire/ -- Prospect Global Resources, Inc. (NASDAQ: PGRX) today announced that it has received notice from the Arizona Department of Environmental Quality (ADEQ) that its application for an Air Quality Control Permit has been found "administratively complete." The notice, received in a letter dated February 21, 2013, marks the start of the agency's Substantive Review of the application, a key step in the process of obtaining necessary approvals for the opening of the Company's potash mine in the Holbrook Basin of eastern Arizona. The Company expects to receive a decision from the ADEQ by the end of this year. In addition to the Air Quality Control Permit application, Prospect Global, through its wholly-owned subsidiary, American West Potash LLC, also has filed its Draft Mineral Development Report with the Arizona State Land Department as part of an application to convert certain of its state exploration permits into mineral leases. The Company also is finalizing its application for the Aquifer Protection Permit, which it plans to submit to the ADEQ in the second quarter of 2013. A copy of ADEQ "completeness" letter will be available on the Prospect Global website ( www.prospectgri.com) in the near future. Regarding Forward-Looking StatementsWith 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 our potash resources and development of our 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 for the year ended March 31, 2012. 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 large, high-quality potash deposit located in the Holbrook Basin of eastern Arizona. The company's stock is traded on the NASDAQ Stock Exchange under the ticker symbol PGRX.
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.