Prospect Global extends $148 million promissory note held by Karlsson

Senior secured promissory notes were sold to investor on Aug. 1, 2012

By Devika Patel

Knoxville, Tenn., March 14 - Prospect Global Resources Inc. amended the terms of its $148 million senior first-priority secured promissory note on March 12, according to an 8-K filed Friday with the Securities and Exchange Commission. The note was sold to the Karlsson Group on Aug. 1, 2012 and was previously amended on June 26, 2013.

The company and investor agreed to extend the date by which the debt may be prepaid for $25 million to April 10 from March 13.

In connection with the extension, the warrants that were issued to Karlsson will now have an exercise price equal to the lowest price per common share sold between Nov. 14, 2013 and April 10.

The company also received an extension of the date by which it is obligated to deliver a NI 43 101 technical report to Karlsson to April 10 from March 10.

Based in Denver, Prospect Global is a resource exploration company.

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