Proposed nitrogen plant gets new partner

Posted by on Mar 6, 2013 in Media Coverage |

A potential farmer-owned fertilizer factory for Saskatchewan took another step toward reality last week with the addition of a third project development partner. Farmers of North America (FNA) announced February 28 that MNP LLP, a major accounting firm with strong agricultural portfolio, is on board to assist in the design of the sales and distribution structure for ProjectN. “At every turn we have been able to bring the best talent in the world to this project,” said Bob Friesen, spokesperson for the FNA Fertilizer Limited Partnership (FNA FLP). “We are well along the project plan, exercising care, but moving at pace, so we not only get the plant built, but we get it built with the best minds, best designs and best economics for all business partners.” MNP LLP joins BMO Capital Markets and Stantec Inc., the other two major partners on the project. As business advisor, BMO is taking the lead on capital development while Stantec has been appointed to financial modelling, engineering and creation of the Bankable Feasibility Study. In February, FNA wrapped up the first phase of the project, which was an initial offering of seed capital units to its membership. Friesen said it went better than expected as farmers from coast to coast committed $7 million in risk capital representing 6.5 million acres of land and 560,000 tonnes of fertilizer, more the half the proposed production capacity of the facility. “There has been a lot of excitement and enthusiasm for this project, even in Quebec,” Friesen said. A second offering of seed capital units is now underway. The new offering is open to all farmers, not just FNA members. “What is absolutely critical is getting as many famers as possible so we can control a major portion of the production of the new facility,” Friesen said. FNA was founded 13 years ago as a coalition of farmers with intent of reducing input costs through combined buying...

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MNP Joining ProjectN

Posted by on Mar 1, 2013 in Media Coverage |

Farmers of North America Fertilizer Limited Partnership has announced M-N-P has been designated to study and assist in the design of the sales and distribution structure for the ProjectN nitrogen fertilizer plant. The firm will also assist in the development of the supply agreements that will be provided to farmer-owners of the plant. ProjectN’s goal is to construct a $1 billion nitrogen fertilizer production facility in Western Canada. BMO Capital Markets has been appointed as the capital development and business advisor, while Stantec has been appointed as the lead for financial modelling, engineering, and creation of the Bankable Feasibility Study. ProjectN is currently offering a Series 2 Seed Capital program that will provide an additional opportunity for farmers not yet part of the FNA membership to participate in the project, and allow ProjectN to maximize plant capacity and create greater potential for returns to...

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MNP Joining ProjectN

Posted by on Mar 1, 2013 in Media Coverage |

Farmers of North America Fertilizer Limited Partnership has announced M-N-P has been designated to study and assist in the design of the sales and distribution structure for the ProjectN nitrogen fertilizer plant. The firm will also assist in the development of the supply agreements that will be provided to farmer-owners of the plant. ProjectN’s goal is to construct a $1 billion nitrogen fertilizer production facility in Western Canada. BMO Capital Markets has been appointed as the capital development and business advisor, while Stantec has been appointed as the lead for financial modelling, engineering, and creation of the Bankable Feasibility Study. ProjectN is currently offering a Series 2 Seed Capital program that will provide an additional opportunity for farmers not yet part of the FNA membership to participate in the project, and allow ProjectN to maximize plant capacity and create greater potential for returns to farmers. – See more at: http://www.pembinavalleyonline.com/index.php?option=com_content&task=view&id=31211&Itemid=427#sthash.aKbCozeb.dpuf – See more at:...

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Fertilizer plant proposal enters next phase

Posted by on Feb 6, 2013 in Media Coverage |

Interest in a proposed fertilizer plant for Saskatchewan has been far greater than expected. Bob Friesen, vice president of government affairs for Farmers of North America (FNA), the proponent of ProjectN to build a one million tonne capacity fertilizer production facility, said the organization’s Series I Seed Capital offering raised $7 million in risk capital. “These seed capital units were bought on faith of the strength of the project,” Friesen said, adding farmers from B.C. to Quebec had committed 6.5 million acres, which represents 560,000 tonnes of the plant’s capacity. “There has been a lot of excitement and enthusiasm for this project, even in Quebec,” Friesen said. The Series I offering was restricted to members of FNA. The Series II offering, now under way, opens up the capital units to all farmers. “What is absolutely critical is getting as many famers as possible so we can control a major portion of the production of the new facility,” Friesen said. During public meetings in October and November, 2012, FNA told prospective supporters BMO Capital Markets had signed on as the financial advisor to ProjectN. On January 31, the organization announced it had engaged Stantec, a global leader in engineering, environmental and process engineering, to its Bankable Feasibility Study (BFS). “With Stantec and BMO Capital Markets we have two of the world’s best in their respective fields,” Friesen said. “A great deal of work has already been done and the foundation has been laid so that ProjectN is one of the most advanced of the fertilizer plant proposals being put forward by new entrants to the North American fertilizer production market.” FNA was founded 13 years ago as a coalition of farmers with intent of reducing input costs through combined buying power. During a pitch to Yorkton area farmers in November, Bill Martin, FNA vice president of grain handling, marketing and transportation, told a standing room-only crowd at the Comfort Inn that the alliance had saved farmers more than $1 billion on glyphosate...

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Project N Moves To Next Round Of Financing

Posted by on Feb 6, 2013 in Media Coverage |

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...

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Producer Interest High in FNA Proposal

Posted by on Feb 4, 2013 in Media Coverage |

Farmers of North America are reporting their Series 1 Seed Capital offering for ProjectN has been a success. Project N is the plan developed by FNA for a farmer owned fertilizer plant in Western Canada. Spokesperson Bob Friesen says there’s been an overwhelming response from producers. “One of the biggest reasons is that farmers see the biggest strength of this project is that they will be investing in a plant that will be producing a product that they themselves create a growing need for.” Friesen says now they will begin offering investment in Series 2. Units in this series will be $1,000 each with a maximum of 10,000 units per farmer. “Because the drive, the first phase went so well and we have so much buy in from farmers, by buy in I mean so much participation from farmers in fact we’re over six and a half million acres that farmers have indicated they would be interested in buying the fertilizer for. We’re getting at very high levels already of possible farmer ownership.” They’ve hired Stantec, a global leader in engineering to lead the Bankable Feasibility Study for the project. – See more at:...

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