Project N Moves To Next Round Of Financing
Farmers of North America has moved to the second phase of raising seed capital for the Project N nitrogen fertilizer plant project.
Project N is the plan developed by FNA for a farmer-owned fertilizer plant in Western Canada.
Spokesperson Bob Friesen explains they are now offering Series 2 seed capital units, which are also worth $1,000 piece.
“We’re looking at the same seed capital units, with a maximum of 10 thousand per farmer,” he explains. “The first phase went so well that we now in fact, have over 6.5 million acres that farmers have indicated they are interested in buying the fertilizer for.”
The separation between the Series 1 and Series 2 investments is being made to recognize the higher risk the initial group of investors have taken. Series 2 does not come with the right to receive compensation if the project fails to proceed as planned.
Friesen notes they have also hired global engineering firm Stantec to lead the Bankable Feasibility Study for the project.