DENVER, Oct. 20, 2010 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq:PCYO) announced it has closed on the acquisition of the promissory note payable by Sky Ranch LLC, and the deed of trust securing the Sky Ranch property. As announced on August 4, 2010, the Company acquired rights from Bank of America which will allow the Company to take ownership of the Sky Ranch property for cash payments totaling $7.0 million. The Company paid $700,000, which was placed in escrow, on July 28, 2010 and made the final payment of $6.3 million on October 18, 2010. The Company financed this acquisition and raised additional general working capital by selling approximately $5.5 million of common stock and by issuing a $5.2 million Convertible Negotiable Note Payable (the "Note"). The stock sale and issuance of the Note are described in detail in Form 8-K filings made with the SEC on September 29, 2010 and October 7, 2010.
Pure Cycle Finalizes Acquisition Of Sky Ranch Note From Bank Of America
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