SASKATOON, Jan. 31, 2013 /CNW/ - Farmers of North America Inc. ("FNA")
announced the successful conclusion of the Series I Seed Capital
offering for ProjectN, the project to build a new fertilizer plant
begun by FNA Fertilizer Limited Partnership ("FNA FLP").
Stantec, a global leader in engineering, environmental and process
engineering, has been engaged by FNA FLP to lead the Bankable
Feasibility Study ("BFS") for the proposed nitrogen fertilizer
ProjectN spokesperson Bob Friesen said that the prospects for farmers to
have a controlling interest in the final plant are better than ever.
"The response of FNA members has been beyond expectations, which has
allowed us to hire one of the most sophisticated and experienced firms
to take the lead on this critical milestone. Now we encourage all farmers to join ProjectN to drive up the number of
acres covered and increase the potential capacity of the plant that is
taken up by farmers."
The BFS will provide current and prospective project partners and
investors with a detailed, third party study on project scope,
engineering, capital costs, market structure and pricing, and
indicative project returns. The BFS is also a key requirement for
securing debt financing for the project.
While the first series of the seed capital offering was targeted at
existing FNA members, Series II will be more broadly targeted to
farmers who are not FNA members, to bring them into the FNA
organization and provide them the opportunity to participate in FNA
FNA FLP previously announced BMO Capital Markets as its financial
advisor on ProjectN.
"With Stantec & BMO Capital Markets we have two of the world's best in
their respective fields," Friesen said, adding "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
"What is absolutely critical is getting as many farmers as possible so
we can control a major portion of the production of the new facility."
Farmers of North America is a farmers' business alliance with the
mission of "Improving Farm Profitability."
FNA Fertilizer Limited Partnership is a separate legal entity designed
to align farmers together to build a fertilizer plant.
SOURCE: Farmers of North America
For further information:
Bob Friesen, FNA FLP Spokesperson & FNA VP Government Affairs | (613) 230-2222 / (613) 852-9711 | www.ProjectN.ca
Cathi O'Neill, FNA & FNA FLP Media Co-ordinator | (306) 665-4537 | www.ProjectN.ca