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Pure Cycle Corporation
PCYO announces today the sale of High Plains A&M Collateral stock.
High Plains Default
High Plains A&M, LLC ("HP A&M") has failed to make balloon payments due on
certain promissory notes secured by deeds of trust on properties we acquired
pursuant to the Arkansas River Agreement. HP A&M pledged
1,500,000 unregistered shares of Pure Cycle common stock owned by HP A&M as
security for the payment and performance of HP A&M's obligations on those
notes and deeds of trust. On September 27, 2012, we sold the pledged shares to
the highest qualified bidder in a foreclosure sale conducted by Wm Smith & Co
at a price of $2.35 per share. The proceeds of $3,525,000 from the sale, less
commission, will go to Pure Cycle.
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