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NuRAN Wireless Inc. reports developments in rural mobile and broadband wireless infrastructure for remote and underserved regions. Company updates cover scalable 2G, 3G and 4G network deployments, tower activity, restored sites, and rollout activity in African markets including Cameroon, Ghana, the Democratic Republic of the Congo, and Ivory Coast.
NuRAN news also addresses corporate finance and securities matters, including unit issuances, private placements, debt settlements, the completed restructuring transaction involving Advance Factoring Inc., and continuous-disclosure obligations under Canadian securities rules.
NuRAN Wireless has finalized a US$5M Loan Facility with the Facility for Energy Inclusion, managed by Cygnum Capital. The initial drawdown of US$2.5M will be disbursed within 5 to 10 business days. This financing will help NuRAN enhance rural and remote connectivity in Africa, focusing on Cameroon and the Democratic Republic of the Congo (DRC). The funds will support completing 122 existing sites and adding up to 120 new ones in Cameroon, and over 100 sites in the DRC, with potential expansion in Ivory Coast and South Sudan. Additionally, NuRAN has restructured its outstanding debentures and factoring agreement to extend the maturity date and increase the principal amount to US$2.53M with a 24% interest rate.
NuRAN Wireless announced a five-year Network-As-A-Service (NaaS) agreement with MTN Group to deploy 250 sites in Africa. This agreement represents approximately $27 million in revenues over five years. This is the fifth agreement with MTN, totaling 2,150 sites across five countries. NuRAN retains ownership of the infrastructure post-contract, enhancing the agreement's value. The project supports 2G and 3G networks and various site categories. Funding for deployment will be sourced through asset-based project financing or similar debt facilities.
NuRAN Wireless has announced the results of its 2024 Annual General Meeting held on May 30, 2024. Six directors were re-elected to the board with the following vote percentages: Francis Letourneau (91.760%), Jim Bailey (86.724%), Vitor Fonseca (90.432%), Brendan Purdy (90.078%), Binyomin Posen (86.561%), and Navindran Naidoo (92.868%). Jeremy Levi, CPA, was appointed as the auditor with 94.868% approval. Additionally, the stock option plan was approved with 81.341% votes in favor, and the restricted share unit plan was approved with 79.393% votes in favor.
NuRAN Wireless has signed a non-binding Term Sheet and Mandate Letter with a Global Asset Management Company for a US$15,000,000 long-term senior secured credit facility, which can be increased to US$70,000,000 through syndication. This funding will support the installation of network infrastructure across Cameroon, DRC, Ivory Coast, and Madagascar. The Loan Facility has a seven-year term with a two-year grace period, and interest is fixed up to 10% per tranche. The proposal marks a significant step in NuRAN’s strategy to enhance telecom infrastructure in Africa.
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