Prospect Global terminates investment agreement with Apollo funds

Company previously arranged $100 million placement of convertibles

By Marisa Wong

Madison, Wis., March 8 - Prospect Global Resources, Inc. and investment funds affiliated with Apollo Global Management, LLC mutually terminated a previously announced investment agreement on Thursday, according to a company press release.

Prospect Global had arranged a $100 million private placement of 10% seven-year convertible springing second-lien notes and warrants in November to help fund development of its Holbrook, Ariz., potash mining project. The financing was conditioned upon completion a bankable feasibility study.

The company said in the release that during the past few months it has made significant progress on the Holbrook project, including recently completing and submitting its air permit and mineral development resource applications with state regulators in Arizona.

The resource exploration company is based in Denver.

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