Note 6 - Subsequent Events

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

6

– SUBSEQUENT EVENTS

The Company entered into a

$60

million Credit Agreement with funds affiliated with Apollo Global Management, LLC (“Apollo”) on

May

1,

2017

that will replace and refinance the Company’s existing

$45

million senior secured mortgage debt and provide

$15

million of new senior debt to fund immediate construction related expenditures. Additionally, funds affiliated with Apollo also executed a conditional commitment letter to fund up to

$240

million in construction finance expenditures for the Cadiz Water Project, subject to the satisfaction of conditions precedent. It is intended to provide the additional resources necessary to complete the construction of Phase I of the Water Project. Apollo’s commitment for up to

$240

million is conditional and Cadiz is not obligated to accept such financing from Apollo.