Prospect Resources Limited (ASX:PSC) announced a private placement of 100,000,000 shares at a price of AUD 0.01 per share for gross proceeds of AUD 1,000,000 on January 12, 2014. The transaction will include participation from an Africa focused private equity fund MBM Capital Partners LLP for AUD 750,000, from Sirius Trustees Ltd for AUD 100,000, and from family interests associated with Executive Chairman, Hugh Warner for AUD 150,000. The subscriptions by entities associated with Hugh Warner are subject to approval from shareholders.

On January 21, 2014, the company issued 95,000,000 shares for gross proceeds of AUD 950,000 in its first tranche. MBM Capital Partners LLP and Sirius Trustees each subscribed shares for gross proceeds of AUD 850,000 and AUD 100,000 respectively. MBM Capital Partners LLP oversubscribed for shares in the transaction. The company did not arrange and underwriter and will not pay any other fees or costs for the transaction.

On April, 14, 2014, the company announced that it will issue 110,000,000 shares for gross proceeds of AUD 1,100,000. The transaction is seeking shareholders' approval in general meeting to be held on May 14, 2014. Hugh Warner and David Warner will subscribe for 7,500,000 shares. Elliot Holdings Pty Ltd will subscribe for 7,500,000 shares. The transaction is expected to close on June 14, 2014.

On May 14, 2014, the company announced that shareholders' approved the transaction in its extraordinary general meeting.