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.