Cadiz enters $50M secured credit facility with B. Riley, issues warrants

CADIZ INC

$50.0M senior secured term loans at 7% annual interest, due July 2, 2024.
Proceeds used to repay ~$77.5M Wells Fargo debt, pre-fund $10.1M preferred dividends, and expenses.
Lenders receive two warrants to purchase 500K shares each at $17.38 and $21.72 per share.
Concurrent depositary share offering of 2.3M units raised ~$54.0M net for Series A Preferred Stock.

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