Ostara Nutrient Recovery Technologies Inc., Vancouver, B.C., said on Jan. 28 that on Dec. 17 it closed the second tranche of its previously announced equity financing for an additional US$5 million in financing, which is being co-led by longstanding Ostara investors Wheatsheaf Group Ltd., London, and VantagePoint Capital Partners, San Bruno, Calif., with follow-on participation by other existing Ostara shareholders, including key Ostara fertilizer distribution partner Taurus Agricultural Marketing Inc.
In addition, on Dec. 23 Ostara closed a new $5 million credit facility with a Canadian based lender. It is intended to provide working capital for the company’s ongoing fertilizer production scale-up and augments the company’s existing credit facility with Comerica Bank.
Effective Jan. 1, Monty Bayer joined the Ostara’s Board of Directors. He currently serves as Executive Director at Wheatsheaf Group, an Ostara investor, which is also a leading investor in food and agriculture. Bayer recently joined Wheatsheaf as Executive Director, joining its Board and opening a San Francisco office for the firm.
Bayer has spent more than 20 years in leadership roles globally within the agriculture science unit of Dow Chemical Co. (North America and Asia). He was also appointed President and CEO of Actagro LLC in 2013 and led the growth of Actagro culminating in its purchase by Nutrien Ltd. in March 2019. He holds a B.S. from the University of Alberta and an MBA from Queen’s University in Canada.