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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.
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NuRAN Wireless has successfully closed a non-convertible bridge loan of US$1,500,000 from a US-based lender. This funding aims to support the company's operations until it meets conditions for a European Investment Bank (EIB) drawdown. The loan will also facilitate site installations under existing Network as a Services (NaaS) contracts, particularly in Cameroon, where traffic demand is surging. The loan, repayable in six months with an interest rate of 10% per annum, comes with specific terms, including repayment of a total of US$1,653,947. As of April, NuRAN reported a 20% revenue increase following a successful upgrade to its Radio Access Network (RAN).
Additionally, NuRAN has engaged AGORA for marketing services to enhance its visibility in the market.
NuRAN Wireless has secured a non-convertible bridge loan of US$1.5 million from a US-based institution to support its capital needs and resume site rollouts. The initial funding of US$400,000 has been received, with US$1.1 million expected by April 18, 2023. This financing will aid in accelerating site installations under existing contracts, with additional growth expected in regions like Cameroon and South Sudan. Loan terms include 10% interest and a repayment total of US$1.578 million. Concurrently, NuRAN issued 1.25 million stock options for internal consultants to enhance team capabilities.
NuRAN Wireless has received final authorizations to operate in the Democratic Republic of the Congo (DRC) as part of its expansion efforts. This follows the approval of a senior credit facility of US $18 million from the European Investment Bank (EIB) and EURO $8 million from the DFI, totaling approximately US $27 million. The EIB has confirmed the necessary licenses, with final approval pending a legal review. The company plans to announce the signing of the definitive loan agreement soon, which will enable initial fund drawdown. NuRAN aims to enhance rural telecommunications coverage globally.
NuRAN Wireless has announced a US $1.41 million purchase order from the Marshall Islands National Telecommunication Authority to extend 4G coverage in their network. This purchase aligns with the capex model used in previous deployments. The order includes LiteCell technology and additional infrastructure, set for deployment in mid to late 2023.
Furthermore, NuRAN has completed its application to list on the OTCQB, enhancing accessibility for U.S. investors. The company is also in the final stages of securing a US $27 million non-dilutive financing with the European Investment Bank, expected to close in March 2023.
NuRAN Wireless has entered a significant Network-as-a-Service (NaaS) agreement with Orange Madagascar, deploying 500 rural telecommunications sites on Madagascar's east coast. Announced on January 17, 2023, this 10-year contract has a potential gross revenue of over US$90 million, equating to approximately US$1,500 per site monthly, with a 70% gross margin. This partnership is expected to enhance mobile connectivity for underserved populations and marks NuRAN's third contract with Orange, contributing to its objective of 10,000 sites within five years.
NuRAN Wireless provided a corporate update on its €8 Million and $18 Million credit facilities, cumulatively totaling approximately $27 Million. NuRAN is finalizing loan agreements pending third-party deliverables, specifically a telecom license in the DRC and a consent letter from the Ministère des Finances. The financing will support the deployment of up to 242 sites in Cameroon and 850 in the DRC. Short-term bridge loans of CAD $1.6 Million were secured to meet immediate needs prior to drawdowns. Over 100 sites have already been deployed, accelerating efforts to bridge the digital divide.
NuRAN Wireless Inc. (CSE:NUR, OTC PINK:NRRWF) reported significant financial growth for the nine months ending September 30, 2022, with gross revenue soaring 298% to $3,730,808 and gross profit increasing 625% to $1,580,867. Total expenses decreased 20% to $9,337,747, reducing net loss by 27% to $8,369,386. The company secured a EUR 8 million facility and a $2 million private placement while advancing agreements to deploy mobile sites in Africa. Despite current cash flow constraints, NuRAN aims to accelerate its rollout once pending debt financing is finalized.
NuRAN Wireless has secured a US $75 million contract with MTN Ivory Coast to deploy 1,000 rural sites under a renewable 5-year NaaS agreement. This contract is anticipated to generate substantial revenue, potentially contributing to over 4,142 sites under contract as the company aims for 10,000 sites in five years. Additionally, 11 new live sites have been added, including its first in South Sudan. The ownership of the infrastructure ensures recurring revenue for over 25 years. NuRAN continues to expand its presence in Africa, enhancing connectivity for millions.
NuRAN Wireless has secured a total of approximately US$26 million in financing to accelerate the deployment of telecommunication towers in rural areas of Sub-Saharan Africa. The European Investment Bank approved a senior credit facility of US$18 million, with additional funding expected from another development finance institution. This funding aims to support the rollout of 850 sites in the Democratic Republic of Congo and 242 sites in Cameroon. The financing underscores the effectiveness of NuRAN's Network As A Service strategy and expands access to crucial mobile services.