Barnwell Industries agrees to sell Water Resources International for $2M, focuses on oil & gas

BARNWELL INDUSTRIES INC

Stock Purchase Agreement with West Maui Construction Inc. for $2,000,000 gross proceeds, effective Dec 12, 2023.
Sale expected to close in early 2024 (BII's second fiscal quarter), subject to due diligence and conditions.
Proceeds to be used for general corporate purposes, with focus on reinvestment in domestic and Canadian oil and gas operations.
Transaction streamlines operations; holding company G&A savings and proceeds strengthen debt-free balance sheet.
CEO Alex Kinzler states sale is a milestone in focusing resources on highest-return opportunities.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BARNWELL INDUSTRIES INC entered into Purchase Agreement with West Maui Construction Inc. valued at $2,000,000 (effective 2023-12-12).

Action: entry
Agreement: asset purchase
Counterparty: West Maui Construction Inc.
Value: $2,000,000
Effective: 2023-12-12

Exact text from the filing

On December 13, 2023, Barnwell Industries, Inc. (“ BII ”) and Barnwell of Canada, Limited (“ Barnwell Canada ” and, collectively with BII, the “ Sellers ”), a subsidiary of BII, entered into a Stock Purchase Agreement with West Maui Construction Inc. (“ West Maui ”) whereby West Maui will acquire from the Sellers all of the shares of capital stock of Water Resources International, Inc. (the “ Shares ”) owned by the Sellers (the “ Purchase Agreement ”).

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Source: SEC EDGAR

accession 0001140361-23-057995

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