CDZI - Cadiz prices $40.32M registered direct offering

• Cadiz ( NASDAQ: CDZI ) priced a $40.32M registered direct offering of 10.5M shares.
• The offering was led by CDZI's largest shareholder, Heerema International Group Services and Odey Asset Management.
• Heerema IGS will maintain a beneficial ownership of ~35% of the company.
• The net cash proceeds are intended to be used to fund capital expenditures connected with the development of water supply and storage project, repay $15M of an existing $50M credit facility, provide working capital and support the development of additional water resources.
• The shares in the offering were priced at $3.84 per share, and the offering is expected to close with net proceeds of ~$38.5M on or about Feb. 2.
• CDZI shares were trading -3.65% pre-market.
• Source: Press Release

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