Pure Cycle Corporation Announces Stock Sale
THORNTON, Colo.--(BUSINESS WIRE)--
Pure Cycle Corporation (the "Company") (NASDAQ Capital Market: PCYO) completed the sale of 1.2 million shares of its common stock for $7.75 per share, raising approximately $9.1 million (net of commissions). The Company will utilize these proceeds to pay outstanding indebtedness, for water system expenditures, and for working capital and other corporate needs. The Company intends to utilize approximately $2.6 million of the proceeds to acquire various third party rights to receive proceeds from the sale of its Export Water.
In addition to the 1.2 million shares sold on behalf of the Company, the Company also assisted with the sale of 1,656,697 shares of its common stock for certain selling stockholders as described in the Company's prospectus, as supplemented, included in its registration statement filed on Form S-3 with the Securities and Exchange Commission on April 24, 2007. The Company will not receive any of the proceeds from the sale of stock by the selling stockholders.
For questions, please contact Investor Relations at info@purecyclewater.com.
Company Information
Pure Cycle owns water assets in several river basins in the State of Colorado as well as certain aquifers in the Denver, Colorado metropolitan area. Pure Cycle provides water and wastewater services to customers located in the Denver metropolitan area including the design, construction, operation and maintenance of water and wastewater systems.
Additional information including our recent press releases and fiscal year ended August 31, 2005 Annual Report are available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456.
Source: Pure Cycle Corporation
Released July 25, 2007