Ostara Nutrient Recovery Technologies Inc., Vancouver, announced on Jan. 3 the closing of preferred equity financing for aggregate proceeds in excess of US$11 million. The financing was co-led by Wheatsheaf Group Ltd. and VantagePoint Capital Partners, with follow-on participation by other existing Ostara investors.
“The second half of 2018 was an exciting and productive period in the growth and evolution of our company, and to have committed investors who share our vision for expansion is extremely satisfying,” said Dan Parmar, Ostara president and CEO. “In the last few months, Ostara has signed two significant fertilizer distribution agreements: one for Western Canadian distribution with Taurus Agricultural Marketing Inc., and one for distribution in Western Europe with ICL Specialty Chemicals.
“Partnerships with respected and influential industry leaders like Taurus and ICL are creating significant uptake of our Crystal Green® fertilizer and have resulted in the immediate expansion of our global sales footprint. Funds from this financing will further assist in the scaling of our global production and supply-chain footprint and allow us to continue to add talented individuals to our core team,” Parmar added.