Prospect Global Announces Closing of $5 Million Equity Offering

Prospect Global Resources Inc.

announced today that it has closed its previously announced underwritten public offering of 41,666,700 units at $0.12 per unit. The gross proceeds to the Company from the offering were $5 million. 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 have exercised their option to purchase up to an additional 1,173,190 warrant units consisting of one Series A Warrant and one Series B Warrant at an exercise price of $0.0001 per unit, less underwriting commissions, solely to cover overallotments. Roth Capital Partners, LLC acted as the sole manager for the offering.