The Hurunui Water Project needs $750,000 within two weeks or it will not be able to continue.
A dam is planned for the south branch of the Hurunui River in North Canterbury, for a 42,000 hectare irrigation scheme.
Project manager Amanda Loeffen says a prospectus calling for shareholders to invest in the project has been distributed.
She says the project needs to sell a minimum of 10 ,000 shares, each worth $400, which can be paid over a four year period.
Ms Loeffen says the initial investment would bring in about $750,000, which would help cover costs to meet the second stage of resource consents.