ProjectN Update – September 3, 2013

Posted by on Sep 4, 2013 in Project Updates |

Seed Capital Units are still being sold and will continue to be until we are at the equity raise stage of the project. Now’s the opportunity to get on-board if you haven’t already – there’s still room to participate early and take advantage of preferred terms when we enter the equity investment phase. We still need as many farmers as possible to get involved. Do you know of any non-Members who might be interested in ProjectN? Please pass their contact info on to us and get a $100 credit from FNA for each referral that joins FNA! Your referral(s) will be contacted about this tremendous fertilizer opportunity, as well as the value of an FNA Membership. If you are not yet an SCU holder, consider this: As you harvest your crop this fall and review, think about how great it would be if a few years from now you could grow your crop with fertilizer from a plant that you helped build, that you in part owned, and from which a portion of the profits flowed to you? Even if you are not yet prepared to invest, please at least fill out the attached ProjectN Expression of Interest Form. We need to know your future fertilizer needs so that our partners can design the best possible fertilizer distribution system to meet them. Seed Capital Raise Funds from Seed Capital Units sold to date have been put to work doing what they are needed to do – developing the framework to get this project off the ground and progressing to the key milestones, including the following: Bankable Feasibility Study (BFS) The final draft is almost complete and is being reviewed by the FNA Fertilizer LP management team. The initial review looks promising, and the team is excited that the final version will soon be forthcoming. Confidential Information Memorandum (CIM) – COMPLETE This is the key document used to market the project to third-party investor-operators. BMO Capital Markets has been leading this front, developing the CIM and pitching it to potential strategic partners for early consideration. Strategic Partner Selection Interest from these potential third parties has been high, with one group already meeting the ProjectN team at our head office. Supply Agreements Substantial progress has been made in this area to plan the most effective distribution model, including strategically located “supercentres” that will deliver full blending capacity, as well as potential UAN liquid storage. Base model has been developed and is under review. MNP is planning farming and logistics focus groups for after harvest to get feedback on the supply agreements and work that feedback into the final plan. Front End Engineering Designs (FEED) Stantec, armed with the BFS and the...

Read More

ProjectN Update – Dec 18, 2012

Posted by on Jan 31, 2013 in Project Updates |

The Seed Capital Units in FNA Fertilizer Limited Partnership (the “Limited Partnership”) raised to date have created a very successful start to ProjectN. In fact, it has exceeded our expectations. The purpose of this letter is to provide you notice of (i) the imminent closing of the opportunity to subscribe for the current Seed Capital Units, (ii) the subsequent opening of an opportunity to subscribe for a new series of Seed Capital Units, and (iii) amendments to be made to the Limited Partnership Agreement primarily required to address these changes.  These items are described in further detail in the remainder of this letter. Closing of Series 1 and Opening of Series 2 Subscriptions Effective December 31, 2012, subscriptions for the current Seed Capital Units in the Limited Partnership will close. The Seed Capital Units issued on and prior to that date will be reclassified as Series 1 Seed Capital Units. Seed Capital Units issued on and after January 1, 2013 will be classified as Series 2 Seed Capital Units.  In order for a subscriber to receive Series 1 Seed Capital Units, the appropriate subscription form must be completed, executed and received by the General Partner by 5:00 PM  (Central) on December 31, 2012, and all other subscription requirements met. Series 1 and Series 2 Attributes With one exception, the Series 2 Seed Capital Units will have the same attributes as the Series 1 Seed Capital Units. The exception is that the right to receive compensation in the event of the project not proceeding ahead as planned, which is a right currently carried by the Seed Capital Units, will not apply to the new Series 2 Seed Capital Units.  The currently outstanding Seed Capital Units, once reclassified as Series 1 Seed Capital Units, will however continue to carry such right. Amendment of the Limited Partnership Agreement In accordance with section 3.8 The Limited Partnership Agreement for FNA Fertilizer Limited Partnership has been amended and restated to create the two series of Seed Capital Units. The Amended and Restated Limited Partnership Agreement can be found at the ProjectN website at  www.ProjectN.ca.  Please read it carefully for a full understanding of all changes to be implemented, as not all are described specifically in this letter. In particular, amendments have been made to Section 10.1(b) so that on a Winding-Up Event (as defined in the Agreement) Series 1 Seed Capital Units will continue to have a right to elect to receive a $600 AgraCity account credit or 1 year extension of the limited partner’s FNA membership. These benefits are provided, respectively, by AgraCity and FNA through contractual arrangements with the Limited Partnership. Reasons for Separation of Series 1 and Series 2 The separation...

Read More