Prospect Global Resources Inc fka PGRX

[DFYSW]

IMHO the timing of events was laid out in the extension agreement filed April 17:

5.4 Failure of Parent Fund Raising. Prospect Nevada shall have failed, for any reason, to have closed Equity Issuances or Approved Subordinated Debt raises from which it shall have received cash proceeds in the following amounts by the following dates:

(a) No later than May 15, 2013: Five Million Dollars ($5,000,000), of which all or any portion may be raised as Approved Subordinated Debt (the “First Funding Raise”);

(b) No later than June 17, 2013: an additional Seven Million Dollars ($7,000,000), of which all or any portion may be raised as Approved Subordinated Debt (the “Second Funding Raise”);

(c) No later than September 10, 2013: an additional Eighteen Million Dollars $18,000,000), of which all or any portion may be raised as Approved Subordinated Debt (the “Third Funding Raise”); and

(d) No later than August 1, 2014: an additional Twenty-Five Million ($25,000,000), of which no more than Fifteen Million Dollars ($15,000,000) may be raised as Approved Subordinated Debt (the “Fourth Funding Raise,” and collectively with the First Funding Raise, the Second Funding Raise, and the Third Funding Raise, the “Funding Raises”).

http://www.sec.gov/Archives/edgar/data/1477032/000110465913029953/a13-7394_4ex10d2.htm

Reading further, dilution from equity raises is unlikely -- though not impossible -- at current prices as "approved subordinated debt" appears to be the avenue we are headed down. (BTW, after the common pop, take out your gain to purchase the preferred and leave the remaining free shares to enjoy any further upside in common). With such a low float, ridiculously uncomplicated structure, and few (only two really, AWP and Karlsson) totally aligned interests, I am content to ride this out right down to the wire even though especially in these most heartless times equity usually is deprived of even the barest scraps.

Anyway, the above filing is what I have been using as a roadmap to the company's intentions and timetable, with the assumption that the extension itself let alone such documented (and nearby!) milestones couldn't and wouldn't have been possible unless the anticipated funding already was all but in the bag. Of course, "all but" is the risk here...