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Council extends letter of intent for Northern Plains Nitrogen; developer says financing progress continues
Summary
The city extended a letter of intent for Northern Plains Nitrogen. Company representative said project scope was simplified and capital cost cut to just over $2 billion, and an investment banker has been retained to raise funding; the company said investors require assurance of water supply before committing.
The Grand Forks City Council on June 23 approved another extension of a letter of intent with Northern Plains Nitrogen (NPN) as the company continues private fundraising and project re‑scoping.
Larry Mackey (identified in the meeting as NPN representative) told the council NPN completed a cash call of existing investors to hire an investment bank, Hamilton & Clark, to assemble an investor…
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