NuRAN Receives Additional Funding Commitments From 3 Lenders

QUEBEC, QC / ACCESSWIRE / March 11, 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 received expressions of interest ("EOI") from three additional lenders to support the Company's network infrastructure roll-out plan of its fully owned subsidiary NuRAN Wireless Africa Holding (NuRAN Africa).

"NuRAN is beginning to gain much traction from a diversified group of lenders to fund the 4642 sites currently under the Network as a Service ("NAAS") contract. The recent numbers and previously referenced in a press release regarding Cameroon have certainly helped NuRAN to gain credibility and interest in financing these site builds. We hope to be announcing the first reception of funds to drive those site builds as soon as possible" stated Francis Letourneau, CEO at NuRAN Wireless Inc.

The EOI's can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these three EOI's along with the previous Letter of Intent (LOI) for US$15M debt financing announced on February 6^th, 2024, as well the possible rollover of its US$5M bridge facility announced on February 29^th, 2024 can possibly fund at least 2500 of the sites under contract to date.

While the immediate priority is on completing the current US$5M bridge facility, these parties will be engaged in a parallel process. In addition, the Company is advancing discussions with equity providers at NuRAN Africa level and will benefit from the extensive legal, technical, commercial and ESG due diligence completed by the bridge provider which can be shared to manage a much more efficient process.

The 21 new site builds in Cameroon previously announced on January 30, 2024 taking the total live sites to 100 in Cameroon is proceeding on schedule and NuRAN will report the completion of these site builds as soon as possible.

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."