NuRAN Receives Approval of the US $5M Loan Facility

QUEBEC, QC / ACCESSWIRE / February 29, 2024 / NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE:NUR)(OTCQB:NRRWF)(FSE:1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce that it has now received the formal approval of the US$ 5M loan facility by the lender's investment committee.

Following the announcement of signing a non-binding mandate letter on January 3^rd, 2024, the Company is pleased to announce the Investment Committee approval for the US$ 5M Senior Secured Bridge Facility ("the Facility") for (re)financing of renewable energy assets for NuRAN Wireless (Africa) Holding. This approval means that the Parties will now work towards completing the definitive loan documentation in view of short-term closing. Over the last 2 months, the Company worked with the lender's Environmental and Social (E&S) and legal teams to complete all due diligence. Both Parties worked cooperatively to adhere to all deadlines."This is a significant development in NuRAN's financing strategy for its NaaS operations and is the culmination of much hard work by the lender's and NuRAN's team on completing the final due diligence and debt structuring. We are appreciative and thankful that our lenders are supporting our contracts to connect and empower the unconnected in Africa" said Francis Letourneau, CEO of NuRAN Wireless Inc. "The facility will allow us to establish our build plan for 2024 and achieve major milestones by the end of the calendar year."The 2-year tenor Facility will be drawn down over a maximum period of 12 months with a bullet principal repayment at maturity. All interest is also capitalised meaning that NuRAN can make optimal use of the financing to build new sites in Cameroon and the DRC as well as other African countries. The funds can be used to refinance energy assets already on operating sites or in inventory so combined with cash generated from operating sites, the Company now has the ability to cover all material and build cost of new sites.The Facility is to be refinanced by long-term senior debt at maturity. The lender may consider participating in a possible larger long-term debt syndicate to further accelerate NuRAN's build plans. The Company will provide guidance on its new build milestones when the Facility is finalised.