Barnwell announces non-binding LoI to sell Water Resources International for $1M

Barnwell Industries (BRN) announced that it had entered into a non-binding letter of intent for the sale of Water Resources International, its water well drilling subsidiary. The Company anticipates that the transaction, for an expected aggregate value of $1,050,000, would close in late March. A portion of the consideration would be paid at the closing and the remainder would be paid in installments, with the last installment payable on September 15, 2025, before the end of the Company’s current fiscal year.