European Investment Bank (EIB) Public Announcement on NuRAN Financing

QUEBEC, QC / ACCESSWIRE / September 23, 2022 / NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE:NUR)(OTC:NRRWF)(FSE:1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the European Investment Bank (EIB) has now publicly announced its proposed financing of NuRAN.

Further to our prior announcement of a mandate letter from EIB for $15M USD in January, which has since been increased to $18M USD, the Company has been advised by EIB that it is approaching the final stage for approval. The financing has now been published on the EIB website as the bank is a public entity. NuRAN's project falls under the COVID-19 DIGITAL AFRICA LOAN ENVELOPE which has the objective ofaccelerating the deployment of digital infrastructure and solutions in sub-Saharan Africa.

The $36M USD project is a combination of $18M USD from EIB, 8M EUR from another DFI which has already been approved and the remainder from NuRAN of which more than $6M USD has already been invested and is sufficient to initiate the first drawdown.

Subject to completion of the financing, all loan proceeds are expected to be advanced to NuRAN Wireless (Africa) Holding, the entity formed for the purpose of the project which is 100% owned by NuRAN Wireless Inc.

A link to the published announcement can be viewed at:

https://www.eib.org/en/projects/pipelines/all/20210739

"We are now approaching final approval for the release of $26M USD to further accelerate the deployment of rural sites in Cameroon and DRC. To date NuRAN has essentially financed the sites built through its own equity. The plan has always been to primarily use debt at the African subsidiary level to deploy new sites. The DFI's mission is to invest in infrastructure projects that have major social and environmental impact for which we tick all the boxes. This financing will provide NuRAN with capital to reach up to 1100 live sites covering over 5M population." stated Francis Letourneau, CEO of NuRAN.

About EIB:

The European Investment Bank (EIB) is the lending arm of the European Union. They are the biggest multilateral financial institution in the world and one of the largest providers of climate finance. The EIB's activities focus on the following priority areas: climate and environment, development, innovation and skills, small and medium-sized businesses, infrastructure and cohesion. The EIB works closely with other EU institutions to foster European integration, promote the development of the European Union and support EU policies in over 140 countries around the world..