NuRAN Confirms US $800K Credit Facility and Completes 19 New Sites

QUEBEC, QC / ACCESSWIRE / April 4, 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 the confirmation of US $800K credit facility from a local Cameroon Commercial Bank to NuRAN Cameroon and specifically to support the further deployment of sites. The announced credit facility has a 2-year tenor with a 9% interest rate per annum.

"With this new cash injection, NuRAN will continue to deploy new sites in Africa. As we deploy new sites, NuRAN will be in a stronger position of reporting site data which will help us to further secure additional funds to achieve new milestones of total sites deployed" stated Francis Letourneau, CEO of NuRAN Wireless Inc.

NuRAN is also pleased to announce that it has now completed 19 of 21 new sites and 5 site upgrades. The new site builds were funded partially by cashflow generated in country and equipment previously paid for and in inventory. The total number of live sites in Africa is now 183 from the previous 164.

Update on the Factoring Agreement

NuRAN is pleased to announce that it has amended the terms of the factoring agreement dated August 28, 2023 and later amended as announced on the 1st of December (the "Amendment"). Pursuant to the Amendment, the Company has sold additional Receivables (as defined in the Company's news release dated August 28, 2023) valued at $1.911 million bringing the current total of Receivables currently owed to the Factor (as defined in the Company's news release dated August 28, 2023) being $12 million. As consideration for the sale of these additional Receivables, the Company has already received cash of $675,000 and is to receive an additional cash payment of $325,000 on or before April 30, 2024 for the purpose of funding working capital requirements leading up to the finalisation of recently approved US $5M Loan Facility. Included in the Amendment, the factoring company agreed to extend various deadlines until April 30, 2024 and a certain limitations on converting into shares of the Company.

The CEO of the Factor commented "while we share the public sentiment regarding the delays in Nuran securing the various capex loans that are needed to propel Nuran's business forward, we remain confident in Nuran's business model and bright future. As such, we are happy to continue funding Nuran on the interim basis until the various capex loans are funded and wish to clarify that we have no present intention to exercise any rights related to event of defaults, like all shareholders, we are waiting patiently for Nuran's bright future."