North West Terminal (NWT) has received the
funding required to begin construction of a 25 million-litre-per-year fuel-ethanol facility at Unity, Sask., at the
end of this month. The estimated total project cost is $42 million.
A share offering by NWT raised $13.65 million, for which
an aggregate of 2,424,625 class B Shares will be issued to
investors, NWT said in a release. Additional sources of
funding include working capital and a proposal for $2.5
million of subordinated debt financing. If received, the debt
financing would be used to reduce working capital
contributions.
Provided construction proceeds as scheduled, the ethanol
facility would begin production in the fall of 2008, NWT said.
NWT is a farmer- and shareholder-owned grain terminal just east of Unity, southeast of Lloydminster.
