- 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.
- 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 CIM, are aggressively negotiating with the five major global technology providers.
- The ProjectN team has met with various financial institutions to provide financing programs for member-investors.
- Stay tuned for more details as we near the equity phase.
As you can see, much work is going on behind the scenes, putting the much-needed seed capital to work. Plans are starting to fall into place, and as the project grows toward a reality, we need more farmers to step forward and get involved now!