Strong Interest In “Project N”
Farmers seem very supportive of FNA’s Project N seed capital drive.
The goal is to use farmer investment to build a $1 billion nitrogen fertilizer production facility in Western Canada.
“We’ve raised over $5 million so far,” says spokesperson Bob Friesen. “We started this in the middle of October, and we reached our 60 day target in 10 days. We doubled our 60 day target in 20 days.”
Over 5,000 seed capital units were sold in the first six weeks of the campaign, he says. Farmers have attented over 60 public meetings, from BC to Quebec.
“It’s our intention to get as many farmers involved as possible, because we would like as high farmer ownership of this plant as possible,” notes Friesen.
In conjunction with organizing initial farmer investment, work is also underway on financing, strategic partnering and other key project components. BMO Capital Markets has been retained to serve as the strategic advisor for development of the plant. Work is underway on developing an equity investment package for farmers.