SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* Plaisance Capital LLC (Last) (First) (Middle) 250 FILLMORE STREET SUITE 525 (Street) DENVER CO 80206 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 10/07/2019	3. Issuer Name and Ticker or Trading Symbol PURE CYCLE CORP [ PCYO ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value 1/3 of $0.01 per share	2,684,097	I	See Footnote(1)
Common Stock, par value 1/3 of $0.01 per share	3,739,609	I	See Footnote(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Plaisance Capital LLC (Last) (First) (Middle) 250 FILLMORE STREET SUITE 525 (Street) DENVER CO 80206 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Plaisance SPV I, LLC (Last) (First) (Middle) C/O PLAISANCE CAPITAL, LLC 250 FILLMORE STREET, SUITE 525 (Street) DENVER CO 80206 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Kozlowski Daniel R (Last) (First) (Middle) C/O PLAISANCE CAPITAL, LLC 250 FILLMORE STREET, SUITE 525 (Street) DENVER CO 80206 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The reported securities are directly owned by Plaisance SPV I, LLC, a Delaware limited liability company (the "Fund"). The reported securities may be deemed to be indirectly beneficially owned by Plaisance Capital, LLC, as the investment manager of the Fund. The reported securities may also be deemed to be indirectly beneficially owned by Daniel Kozlowski as Managing Member of Plaisance Capital, LLC. Plaisance Capital, LLC and Daniel Kozlowski disclaim beneficial ownership of the reported securities except to the extent of their respective pecuniary interest therein, and this report shall not be deemed an admission that either of them are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

2. The reported securities are directly owned by certain other private funds. The reported securities may be deemed to be indirectly beneficially owned by Plaisance Capital, LLC, as the investment manager of the such private funds. The reported securities may also be deemed to be indirectly beneficially owned by Daniel Kozlowski as Managing Member of Plaisance Capital, LLC. Plaisance Capital, LLC and Daniel Kozlowski disclaim beneficial ownership of the reported securities except to the extent of their respective pecuniary interest therein, and this report shall not be deemed an admission that either of them are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

	Plaisance Capital, LLC By: Daniel Kozlowski, Managing Member /s/ Daniel Kozlowski	10/15/2019
	Plaisance SPV I, LLC By: Plaisance Capital, LLC, its managing member By: Daniel Kozlowski, managing member of Plaisance Capital, LLC /s/ Daniel Kozlowski	10/15/2019
	/s/ Daniel Kozlowski	10/15/2019
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.