Cadiz signs non-binding LOI for up to $150M fund investment in Mojave Groundwater Bank

CADIZ INC

Non-binding LOI with non-profit investment fund for up to $150M to support Newco for Mojave Groundwater Bank.
Total project cost estimated at $800M; up to $401M equity from fund, Tribes, and other investors.
Cadiz to transfer 100% Northern Pipeline, Southern Pipeline ROW, and 51% water storage rights to Newco for ~$51M.
Newco investors get priority 7.5% annual yield; Tribes can acquire ownership and join advisory council.
Definitive agreements required; LOI not binding.

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