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Prospect Global amends terms of $115.3 million note held by Karlsson
Senior secured promissory notes were sold to investor in August 2012
By Devika Patel
Knoxville, Tenn., June 26 - Prospect Global Resources Inc. amended the terms of its $115.3 million senior first priority secured promissory note on June 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The note was sold to the Karlsson Group on Aug. 1, 2012.
The note was amended to remove all interim financing milestones and to eliminate the interim principal payment of $30 million due in January 2015.
The company is now required to meet interim development milestones to ensure development of its Holbrook Basin potash project.
In addition, the Karlsson Group received five-year warrants for 3 million shares, which are each exercisable at $0.12.
Based in Denver, Prospect Global is a resource exploration company.
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