<SEC-DOCUMENT>0001654954-17-010698.txt : 20171115
<SEC-HEADER>0001654954-17-010698.hdr.sgml : 20171115
<ACCEPTANCE-DATETIME>20171115092031
ACCESSION NUMBER:		0001654954-17-010698
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171110
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20171115
DATE AS OF CHANGE:		20171115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURE CYCLE CORP
		CENTRAL INDEX KEY:			0000276720
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				840705083
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		171204013

	BUSINESS ADDRESS:	
		STREET 1:		1490 LAFAYETTE STREET
		STREET 2:		SUITE 203
		CITY:			DENVER
		STATE:			CO
		ZIP:			80218
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		1490 LAFAYETTE STREET
		STREET 2:		SUITE 203
		CITY:			DENVER
		STATE:			CO
		ZIP:			80218
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>purecycleform8-k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington, D.C. 20549</font></div>
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FORM 8-K</font></div>
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CURRENT REPORT</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date of
Report (Date of earliest event reported): <font style="font-weight: bold">November&#xA0;10, 2017</font></font></div>
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PURE CYCLE CORPORATION</font></div>
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Colorado</font></div>
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0-8814</font></div>
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</td>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
84-0705083</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(IRS
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34501 East Quincy Avenue, Building 34, Box 10, Watkins, CO
80137</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Registrant&#x2019;s
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292-3456</font>&#xA0;</font></div>
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N/A</font></div>
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emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section&#xA0;13(a) of the Exchange
Act.&#xA0;</font></div>
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<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
1.01&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Entry
into a Material Definitive Agreement.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
November&#xA0;10, 2017, PCY Holdings, LLC (&#x201C;PCY
Holdings&#x201D;), a Colorado limited liability company wholly owned
by Pure Cycle Corporation, a Colorado corporation (&#x201C;Pure
Cycle&#x201D;), entered into an amendment (each, an
&#x201C;Amendment&#x201D;) to the previously announced Contract for
Purchase and Sale of Real Estate (each, a &#x201C;Purchase and Sale
Contract&#x201D;) with each of Richmond American Homes of Colorado,
Inc. (&#x201C;Richmond&#x201D;), KB Home Colorado Inc. (&#x201C;KB
Home&#x201D;), and Taylor Morrison of Colorado, Inc. (&#x201C;Taylor
Morrison,&#x201D; and together with Richmond and KB Home, the
&#x201C;Builders&#x201D;). Each Amendment constitutes a Continuation
Notice (as defined in the applicable Purchase and Sale Contract)
pursuant to which each Builder has been deemed to have completed
its due diligence of the Sky Ranch property at which the Builder
will purchase a certain number of platted single-family, detached
residential lots, subject to the terms and the conditions set forth
in the applicable Purchase and Sale Contract.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
Amendments, the following events have occurred:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">each Builder has
served its Continuation Notice effective as of November&#xA0;10,
2017, and is now obligated to proceed with the purchase of lots
subject to the terms and conditions of its Purchase and Sale
Contract;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the forms of
certain agreements attached as exhibits to the Purchase and Sale
Agreements have been finalized, including, where applicable, the
Lot Development Agreements, Tap Purchase Agreements, and
Builders&#x2019; Letter of Credit Escrow Agreements;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">PCY Holdings,
Richmond and Taylor Morrison have agreed to a form of agreement for
the construction of joint improvements to the property, which are
improvements that jointly serve or otherwise benefit lots owned by
two or more Builders (i.e., entry and other common roads and
utilities in such roads);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">PCY Holdings and
the Builders have agreed to a form of Offsite Infrastructure
Agreement, pursuant to which PCY Holdings will deposit funds
necessary for the construction of offsite and joint infrastructure
with the applicable governmental entity responsible for
constructing such improvements, namely the Rangeview Metropolitan
District (&#x201C;Rangeview&#x201D;) or the Sky Ranch Community
Authority Board, a governmental authority organized by Sky Ranch
Metropolitan District Nos.&#xA0;1 and 5 (the &#x201C;Sky Ranch
CAB&#x201D;); and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">PCY Holdings and
the Builders have agreed to an Amenity Development Agreement to
provide for the financing and construction of a community park at
Sky Ranch, with the improvements above and beyond the original open
space planned by PCY Holdings to be financed by the
Builders.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As a
result of these Amendments, PCY Holdings has until August&#xA0;10,
2018, to obtain final approval of the entitlements for the
property, which date may be extended by PCY for up to six months.
Within 10&#xA0;days of final approval of entitlements, Richmond and
Taylor Morrison are required to close on and pay for their first
takedown of platted lots (152&#xA0;lots) total. As a condition to
the closings, PCY Holding is required to enter into service
agreements with each of Rangeview and the Sky Ranch CAB to provide
project management services with respect to the infrastructure to
be constructed by such entities. In addition, PCY Holdings will be
required to advance funds to Rangeview and the Sky Ranch CAB, which
are to be maintained in segregated accounts, in the amount
estimated to be required to construct the offsite improvements and
joint improvements. Rangeview and the Sky Ranch CAB will use the
advanced funds to pay for the improvements as constructed. The
funding provided by PCY Holdings will be accrued to notes payable
to PCY Holdings or Pure Cycle by Rangeview and the Sky Ranch
CAB.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Once
the first takedown of platted lots occurs, PCY Holdings will begin
finishing the lots in accordance with the Lot Development
Agreements. Richmond and Taylor Morrison will pay an additional sum
to PCY Holdings upon completion of the finished lots. KB Homes has
agreed to purchase finished lots, rather than platted lots, so it
will pay the price of a finished lot (land and finishing costs) at
each takedown of the lots it purchases.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
November&#xA0;15, 2017, Pure Cycle issued a press release regarding
the Amendments. A copy of the press release is attached hereto as
Exhibit&#xA0;99.1.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
9.01&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
Statements and Exhibits.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Exhibits</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Exhibit No.</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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Description</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Press
Release dated November&#xA0;15, 2017</font></div>
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SIGNATURE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:
November&#xA0;15, 2017</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">PURE
CYCLE CORPORATION</font></div>
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<div style="display: table-cell; width: 72px"><font style="font-family: Times New Roman; font-size: 13px">By:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
/s/ Mark W. Harding</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Name:
Mark W. Harding</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Title:
President and Chief Financial Officer</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>purecycle-skyranchpressre.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<font style="font-family: Times New Roman; font-size: 16px">Pure
Cycle Corporation Announces</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Release
of Due Diligence on</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Agreements
for Sale of Lots at Sky Ranch</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Denver,
Colorado &#x2013; November 15, 2017 &#x2013; Pure Cycle Corporation
(NASDAQ Capital Market: PCYO) (&#x201C;Pure Cycle&#x201D; or the
&#x201C;Company&#x201D;) announced today that each of the home
builders with whom the Company has agreements to sell the first
phase of its Sky Ranch project has agreed to terminate its due
diligence period.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company entered into agreements with Richmond American Homes, KB
Home and Taylor Morrison for the sale of all 506 single family lots
in the Company&#x2019;s first phase of Sky Ranch. The agreements
provided for a due diligence investigation period during which each
home builder had the right to terminate its agreement and receive a
refund of its earnest money deposit. Each builder has now completed
its due diligence period and is now bound by its agreement to
proceed with the purchase of finished lots, subject to Pure
Cycle&#x2019;s performance of its obligations under the respective
agreements and the specific terms and provisions of each of the
respective agreements. The Company has been finalizing designs for
the community, including the final platted lots, roadways, open
space, drainage, water and wastewater systems, and has submitted it
construction drawings for the first approximately 200 lots to local
authorities for comment and review.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;We are
excited to be working with this distinguished group of national
home builders, who are as committed to the success of Sky Ranch as
we are,&#x201D; commented Mark Harding, President and CEO. &#x201C;We
have been diligently working to complete the engineering and
construction documents for our initial phase and have been working
with our local governmental agencies to complete their review. Once
approved, we will solicit bids for construction of an initial 200
lots,&#x201D; continued Mr. Harding. &#x201C;In addition to our
activities at Sky Ranch, we welcome continued oil and gas drilling
activity in our area. We have multiple operators drilling wells
this year, which has translated into increased water demand from
our industrial customers this calendar year. Our board, management,
and dedicated employees are anxious to begin development at Sky
Ranch and look forward to this exciting time for our Company&#x201D;
commented Mr. Harding.</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Company Information</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pure
Cycle owns land and water assets in the Denver, Colorado
metropolitan area. Pure Cycle provides water and wastewater
services to customers located in the Denver metropolitan area,
including the design, construction, operation and maintenance of
water and wastewater systems.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Additional
information including our recent press releases and Annual Reports
are available at <font style="text-decoration: underline; color: #0000FF">www.purecyclewater.com</font>,
or you may contact our President, Mark W. Harding, at 303-292-3456
or at <font style="text-decoration: underline; color: #0000FF">info@purecyclewater.com</font>.</font></div>
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<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Forward-Looking Statements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
press release contains forward-looking statements within the
meaning of Section&#xA0;27A of the Securities Act of 1933, as
amended, and Section&#xA0;21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements are all statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that we
expect or anticipate will or may occur in the future, such as
statements about the review of design, engineering and construction
documents by local authorities; the solicitation of bids for
construction; and continued oil and gas drilling in our area. The
words &#x201C;anticipate,&#x201D; &#x201C;likely,&#x201D;
&#x201C;may,&#x201D; &#x201C;should,&#x201D; &#x201C;could,&#x201D;
&#x201C;will,&#x201D; &#x201C;believe,&#x201D; &#x201C;estimate,&#x201D;
&#x201C;expect,&#x201D; &#x201C;plan,&#x201D; &#x201C;intend&#x201D; and
similar expressions are intended to identify forward-looking
statements. Investors are cautioned that forward-looking statements
are inherently uncertain and involve risks and uncertainties that
could cause actual results to differ materially. Factors that could
cause actual results to differ from projected results include,
without limitation: the possibility that the parties to the builder
agreements may be unable to satisfy the conditions to closing the
purchase and sale of finished lots, including obtaining required
governmental approvals; the completion of finished lots may involve
unexpected costs and delays; the demand for housing in the Denver
metropolitan area; the risk factors discussed in Part&#xA0;I,
Item&#xA0;1A of our most recent Annual Report on Form&#xA0;10-K;
and those factors discussed from time to time in our press
releases, public statement and documents filed or furnished with
the U.S. Securities and Exchange Commission. Except as required by
law, we disclaim any obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.</font></div>
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