Cadiz Inc. Enters into $51 Million Loan Agreement with Lytton Rancheria for Mojave Groundwater Bank Project

Cadiz Inc. has entered into a definitive agreement with Lytton Rancheria of California for a $51 million unsecured term loan to fund the construction of the Mojave Groundwater Bank project. The loan will be used for development and capital expenses related to the project, with the first tranche of $15 million expected to be drawn for reimbursement of prior expenses and support development activities. The loan bears an interest rate of 8% per annum and matures in 66 months, with an option to extend for an additional 60 months. Upon the initial closing of the project financing, the loan may convert into a majority interest in the storage cash flows from the Mojave Groundwater Bank. Cadiz Inc. will also issue shares of its common stock to Lytton Rancheria as part of the agreement.