Business
Verde Potash Selected to Advance in Inova Agro Funding Process
TORONTO , Sept. 23, 2013 /CNW/ - Verde Potash (TSX: "NPK") ("Verde" or the "Company") ...
About this update from Verde Agritech Ltd
[{"type":"text","content":"\n\n\nTORONTO, Sept. 23, 2013 /CNW/ - Verde Potash (TSX: \"NPK\") (\"Verde\" or the \"Company\") is pleased to announce that the\n Company has been selected by Inova Agro, a special financing progam of\n the Brazilian government, to advance to the next round of evaluation in\n the process to secure financing for Phase 1 of the Cerrado Verde\n project. Phase 1 of the Cerrado Verde project consists of a 1,000 tpd\n plant capable of producing ThermoPotash and also of seeking performance\n guarantees for a large scale KCl kiln. Inova Agro is a Brazilian\n government program intended to fund innovative projects in the\n agriculture sector, including those focused on fertilizers. Total funds\n to be distributed by Inova Agro are budgeted at R$1 billion\n (approximately C$450 million), with funding allocation decisions to be\n announced in February 2014. Selected projects will be considered for\n subsidized interest rates, equity investment and non-reimbursable\n project investment grants from the Brazilian Development Bank (\"BNDES\")\n and/or the Financing Agency for Studies and Projects (\"FINEP\"), both of\n which are arms of the Brazilian government with a mandate to support\n domestic projects.\n\n\nInova Agro\n\n\nInova Agro is an initiative of the Brazilian government aimed at\n coordinating the resources of BNDES and FINEP to provide financial\n subsidies to innovative projects in the agriculture sector. The Inova\n Agro support program involves a specific set of criteria and a schedule\n for the distribution of funds. Verde submitted its application and\n support documentation to the Inova Agro program in August 2013 and has\n been notified of its selection to advance to the program's next round\n of evaluation. On January 31, 2014, Inova Agro is scheduled to release\n the names of projects chosen to receive funding. Companies and projects\n that are successful in securing financial support from Inova Agro will\n have funding plans set in February 2014.\n\n\nThe Inova Agro program targets three business sectors for funding:\n agribusiness inputs, food industry processing and agribusiness\n equipment. The Company's Cerrado Verde project expects to significantly\n contribute to Brazil's production of potash fertilizers and therefore\n fits into the inputs for agribusiness (fertilizers) portion of the\n program.\n\n\nInova Agro ...