Norton Rose Fulbright advises Cadiz in US$23 million financing for water project

Global law firm Norton Rose Fulbright represented California water solutions company Cadiz Inc. (Cadiz) in obtaining financing for its water supply and groundwater banking project. The financing consists of a registered direct offering of seven million shares of common stock, priced at US$3.34 per share, with gross proceeds totaling US$23.38 million.

Cadiz’s largest equity shareholder, Heerema International Group Services SA (Heerema), an international offshore energy and sustainable solutions company, participated in the offering and maintains ownership of approximately 34 percent of Cadiz's common stock.

Cadiz is dedicated to providing access to clean, reliable and affordable water through a combination of water supply, storage, pipeline and treatment solutions. The financing will be used to acquire construction equipment and materials for facilities related to its northern and southern pipeline projects as well as its wellfield infrastructure on land owned by Cadiz, and other corporate purposes.

Norton Rose Fulbright’s deal team was led by Kevin Friedmann and included Yi-Ping Chang (Chicago), Siyuan An (Los Angeles), and George Khoukaz (Dallas).