Southwest Water Co. completed a private placement of 1,108,033 shares of its newly issued common stock for aggregate gross proceeds of $12 million. The proceeds of this financing are intended to fund working capital needs in support of the Company's growth strategy and for general corporate purposes.
Commenting on the transaction, Anton C. Garnier, Southwest Water president and chief executive officer, said, "We are delighted with the institutional investors that participated in this financing, and we are very pleased that existing institutional investors led this transaction. This additional capital strengthens our balance sheet and positions us to continue executing our strategic plan for long-term growth."
The shares of common stock sold in this private placement have not been registered under the Securities Act of 1933 or qualified under applicable state securities laws and may not be offered or sold in the United States absent such registration and qualification or applicable exemptions from such registration and qualification. This announcement is neither an offer to sell nor a solicitation of an offer to buy such shares.
Source: Southwest Water Co.