NuRAN Signs Term Sheet for US$15,000,000 Long-Term Credit Facility from Global Asset Management Company

QUEBEC, QC / ACCESSWIRE / May 15, 2024 / 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 that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$ 15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries.

The long-term Loan Facility comprises much improved terms than previously received from potential lenders and represents a crucial step forward in NuRAN's strategic plans to bolster telecommunications infrastructure in Africa. This will allow NuRAN to swiftly implement network infrastructure rollouts, particularly in Cameroon, the DRC, Ivory Coast and Madagascar and future potential countries. Following the announcement of March 11^th, 2024, this signing follows approval by the Lender's internal committee and will initiate formal due diligence and finalization of definitive documentation of the Loan Facility. NuRAN agreed to proceed with the Lead Arranger affiliated with the Lender in a formal mandate that will streamline the introduction and alignment with other lenders. The mandate will also leverage the work done on the previously announced bridge loan from Cygnum Capital and the Facility for Energy Inclusion (FEI).

The Loan Facility is for a term of seven years including two years' grace period on repayment of principle and disbursements may be requested up to 24 months following execution of definitive agreements for the Loan Facility. It offers the flexibility to drawdown per country as the condition's precedent are met and to align with the build plan. The Loan Facility will be subject to standard security for this type of financing and are subject to the lender's due diligence and customary conditions, events of default and covenants to be outlined in the definitive agreements respecting the financing. Interest under the Loan Facility is due on all disbursed sums and is to be paid quarterly in arrears on predetermined payments dates. The interest rate will be a fixed rate as specified by the Borrower for each tranche at up to 10%.