Company ABC is planning to issue a 5-year bond with a face value of $1,000 and a coupon rate of 6% per annum. The bond will be sold at par value. The company plans to use the proceeds to finance a new project that is expected to generate cash flows of $300 per year for the next five years. If the required rate of return for similar bonds is 8% per annum, what is the net present value (NPV) of the project? Should the company proceed with the project?