Investor meetings for the new North Dakota Soybean Processors’ crushing plant and refinery at Spiritwood, N.D., are getting underway this week.
NDSP is offering 9,000 to 12,000 total units for sale at $10,000 each for a minimum $40,000 investment (4 units) and in increments of $10,000 (1 unit) thereafter.
Minnesota Soybean Processors is making a $60 million investment to purchase 6,000 units and will serve as the company’s managing member. The plant is expected to cost $287 million to build.
Investor meeting dates, times and locations are:
• June 21, 7-9 p.m., North Dakota Farmers Union, Jamestown
• June 21, 7-9 p.m., Delta Hotel by Marriott (formerly the Ramada Plaza Suites), Fargo
• June 22, 7-9 p.m., Hilton Garden Inn, Grand Forks
• June 22, 7-9 p.m., Hankinson Community Center, Hankinson
• June 26, 7-9 p.m., Great River Energy, Bismarck
All attendees must be “accredited investors,” as defined under federal securities laws; meaning generally, 1) any natural person whose net worth, or joint net worth together with such individual’s spouse, exceeds $1 million, 2) any natural person whose income exceeded $200,000, or whose joint income with such individual’s spouse exceeded $300,000, in both 2015 and 2016, and who reasonably expects an income in excess of $200,000 (or $300,000 jointly with spouse) in 2017, or 3) an entity or qualifying trust with total assets in excess of $5 million that was not formed for the specific purpose of acquiring securities of NDSP and, in the case of a trust, whose purchase is directed by a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the investment.
Attendees will be required to submit documents to verify their accredited investor status.
For more information or to request a copy of the private placement memorandum, contact NDSP representatives Kristine Roades at 507-842-6715 or Brandy Johnson at 701-368-3131 or to go ndsoy.com online and click on the “Investor Relations” page.
“Adding value to commodities through in-state processing facilities, especially farmer-owned facilities, is something we strongly support,” said North Dakota Farmers Union President Mark Watne. “I would encourage farmers to attend upcoming investment offering meetings. This could be a good avenue to improve farm income.”
Sources: NDSP, MSP and NDFU