Global Water Resources Prices Public Offering Of 2.8 Mln Shares At $10/shr

(RTTNews) - Global Water Resources, Inc. (GWRS), a pure-play water resource management company, Wednesday said it has priced its public offering of 2.8 million shares at $10 per share.

The company intends to use net proceeds from the offering of about $28 million to fund acquisitions, for working capital and other general corporate purposes.

Global Water Resources said that its existing stockholders, including certain directors and/or their affiliates, have agreed to purchase 1.44 million shares in the offering.

The company has granted the underwriters for the offering a 30-day option to purchase up to 420,000 of additional shares.

The offering is expected to close by March 27.