Deal consists of 2,588,235 shares sold at $4.25 apiece to Very Hungry
By Devika Patel
Knoxville, Tenn., Nov. 29 - Prospect Global Resources Inc. completed an $11 million private placement of stock on Nov. 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The offer was conducted with Very Hungry LLC.
The company sold 2,588,235 common shares at $4.25 per share. Very Hungry also received a warrant for 2,588,235 shares, which is exercisable at $4.25 per share until Nov. 22, 2012.
The strike price and price per share are each a 50% discount to the Nov. 21 closing share price of $8.50.
Based in Denver, Prospect Global is a resource exploration company.
| Issuer: | Prospect Global Resources Inc.
|
| Issue: | Common stock
|
| Amount: | $11 million
|
| Shares: | 2,588,235
|
| Price: | $4.25
|
| Warrants: | For 2,588,235 shares
|
| Warrant expiration: | Nov. 22, 2012
|
| Warrant strike price: | $4.25
|
| Investor: | Very Hungry LLC
|
| Settlement date: | Nov. 22
|
| Stock symbol: | OTCBB: PGRX
|
| Stock price: | $8.50 at close Nov. 22
|
| Market capitalization: | $192.43 million
|
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