Prospect Global Announces Pricing Of $5 Million Equity Offering

Prospect Global Resources Inc. (NASDAQ: PGRX) announced today that it has priced an underwritten public offering of 41,666,700 units at $0.12 per unit. The gross proceeds to the Company from the offering are expected to be $5 million, and the net proceeds are expected to be approximately $3.25 million, after deducting underwriting commissions and other estimated offering expenses. Each unit consists of one share of common stock, one Series A Warrant to purchase one share of common stock, and one Series B Warrant to purchase one share of common stock and one additional Series A Warrant. The underwriters will have a 30-day option to purchase up to an additional 1,173,190 shares of common stock and/or warrant units consisting of one Series A Warrant and one Series B Warrant at the offering price, less underwriting commissions, solely to cover overallotments.

The closing of the offering is expected to take place on or about June 26, 2013, subject to the satisfaction of customary closing conditions.

Roth Capital Partners, LLC is acting as the sole manager for the offering.

The offering will be conducted via an existing effective shelf registration statement. An electronic prospectus supplement relating to the offering has also been filed with the SEC and is available on the SEC’s website at http://www.sec.gov.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the preliminary prospectus supplement, the base prospectus or the Company's shelf registration statement.

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