NuRAN Enters into US $5M Loan Facility

QUEBEC, QC / ACCESSWIRE / April 26, 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 execution of a two-year term loan facility agreement (the "Loan Facility") in the principal amount of US $5M with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital following final Investment Committee approval announced on February 29^th, 2024.

The Loan Facility was entered into by NuRAN Wireless (Africa) Holding ("NuRAN Africa"), a wholly owned subsidiary of the Company for the purpose of financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new Network as a Service ("NaaS") agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC.

This senior secured Loan Facility is intended to allow NuRAN to deploy more than 500 new sites. Combined with cash generated from operating sites, the Company intends to use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries. "This marks a significant milestone in NuRAN's financing strategy for its NaaS operations and is the result of extensive efforts by both FEI's and NuRAN's teams in completing the final due diligence and debt structuring. We are grateful to Cygnum Capital and FEI for their support in our commitment to connect and empower the unconnected in Africa," said Francis Letourneau, CEO of NuRAN Wireless Inc. "This facility will enable us to execute our construction plan for 2024 and achieve major milestones by the end of the calendar year," stated Francis Letourneau, CEO of NuRAN Wireless Inc. "Providing this facility to NuRAN Africa marks another noteworthy achievement for the Fund's leading role to support the energy transition in the telecommunication industry in Africa where renewable energy is critical to bring fundamental services to underserved populations. The combination of innovative financing and world-class technical expertise will fast-track the expansion of mobile networks to rural areas in Africa," stated Carmen de Castro, Managing Director and Fund Lead at Cygnum Capital. FEI was advised by Trinity International (legal) and IBIS Environmental Social Consulting Europe (E&S).