Prospect Global Resources Inc. (NASDAQ: PGRX) (“Prospect Global” or the “Company”) is pleased to announce the appointments of Daniel Neumann and Reed Dickens to the Board of Directors. Daniel Neumann brings valuable portfolio management expertise. Mr. Neumann has 16 years of experience in finance, the majority of which was at BlackRock, where he was the lead portfolio manager of a top performing global energy and natural resources equity fund. Recently, he has joined several former BlackRock colleagues to help launch a new energy sector investment platform at GRT Capital Partners, LLC in Boston. As a Portfolio Manager, Mr. Neumann evaluates investment opportunities based on rigorous macro sector research and bottoms up company analysis. In addition to investment management, Mr. Neumann has experience as a sell side research analyst at Banc of America Securities and in investment banking at PaineWebber, Inc. He holds bachelor’s degrees in Economics and English from Boston College and is a CFA charterholder. Mr. Neumann commented: “I am excited to join the board of such a promising mining opportunity. I see the PGRX potash strategy as unique and value added. I look forward to working with the team.” Reed Dickens, a former White House Assistant Press Secretary, is the founder of Dickens Capital Group, a business platform specializing in acquiring, investing, and advising consumer growth companies. Dickens currently sits on several corporate boards and serves as a Senior Advisor to TPG’s portfolio of growth companies. He also travels the country as a corporate speaker and contributor on CNN, Fox News, and MSNBC. In 2001, Dickens was named White House Assistant Press Secretary. In this position, he served as a White House spokesperson and assisted in managing the relationship between the White House Press Corps and the West Wing Press Office. Also in this role, Dickens traveled around the world aboard Air Force One, helping shape the President’s message for the national and international media during the September 11 attacks, the wars in Iraq and Afghanistan, legislative battles, policy debates, and campaigns. As a member of the White House Survey Team, Dickens traveled the globe participating in government to government negotiations with foreign dignitaries to plan the President’s public appearances and participation in global summits.
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.