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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 secured a contract with a Tier-1 Mobile Network Operator for an additional 500 telecom sites in sub-Saharan Africa, bringing it closer to its goal of 10,000 sites by 2026. Significant progress has been made on Development Finance Institutions (DFI) loan facilities, including a loan increase from US$15M to US$18M. The company reported NaaS revenues over CA$800,000 in 2021 and anticipates further growth. Operational highlights include successful deployments in Cameroon and the Democratic Republic of the Congo, with average revenues exceeding projections.
NuRAN Wireless Inc. (CSE:NUR)(OTC PINK:NRRWF)(FSE:1RN) announced its selection by a Tier-One Mobile Network Operator for a Rural RFP, enabling them to establish thousands of network sites across over 15 countries in the Middle East and Africa. This partnership may connect an estimated 50 million people, enhancing NuRAN's growth potential. The company is finalizing a general framework agreement and plans to sign a NaaS Services Agreement with each country subsidiary. However, the completion of these agreements is not guaranteed.
NuRAN Wireless has signed a 10-year Network as a Service (NaaS) contract with MTN Namibia to deploy 150 4G LTE sites in Namibia, potentially generating over $60 million in revenue. This agreement follows a Memorandum of Understanding announced in February 2022 and marks NuRAN's first 4G project in Africa. The deployment aims for 100% 4G coverage in rural and suburban areas, reinforcing NuRAN's goal of 10,000 sites under contract. The project will be funded primarily through asset-based financing, with revenues shared based on a revenue model.
NuRAN Wireless Inc. has provided a corporate update announcing the completion of its subsidiary's bankruptcy unwinding, recovering CAD$182,000 in tax credits and over CAD$30 million in past tax losses. The company signed a final agreement with Afriland First Bank for a CAD$2.87 million loan for infrastructure projects in Cameroon. Additionally, NuRAN closed the first tranche of a secured convertible debenture financing totaling approximately CAD$2 million. Currently, 73 sites are operational, with plans for over 500 by the end of fiscal 2022.
NuRAN Wireless has entered term sheets with lenders for a $17 million convertible debenture financing. This Bridge Financing aims to cover working capital and possibly fund the $30 million senior credit facility for network infrastructure in Cameroon and the Democratic Republic of the Congo. The financing will occur in two tranches, including a $2 million secured convertible debenture, with an initial advance of $1.3 million, and a second tranche of up to $15 million in unsecured debentures. Closing is contingent on due diligence and agreements.
NuRAN Wireless, a supplier of mobile and broadband wireless infrastructure, has won the 2022 Mobile World Live Pitch 2Pitch Contest at Mobile World Congress in Barcelona. The competition, showcasing over 60 companies, recognized the winner for serving a large market, rapid growth, and social impact. CEO Francis Letourneau emphasized the importance of providing connectivity worldwide. NuRAN's NAAS model allows mobile operators to expand networks efficiently, generating long-term recurring revenues through upfront investments.
NuRAN Wireless has signed a Memorandum of Understanding (MOU) with MTN Namibia to deploy a minimum of 150 rural and suburban networking sites within 24 months. The sites will utilize 2G and 4G technologies, aligning with NuRAN's goal of establishing 10,000 sites. This collaboration highlights the company’s strategy to enhance connectivity and generate long-term revenue through its network-as-a-service model. The average revenue per user in Namibia is expected to be significantly higher than in other African regions, indicating a lucrative market opportunity.
NuRAN Wireless has successfully deployed 41 sites in Cameroon and 12 sites in the DRC. As of January 31, 2022, these sites cover approximately 197,254 people in Cameroon, achieving a 49.4% penetration rate, significantly above the initial 24% target. Revenue generated from the sites averages approximately $2,144 CAD per site, surpassing the guaranteed fee of $1,225 CAD. The company aims to secure 10,000 sites by 2026 and estimates potential monthly revenue at around $5.3 million CAD once fully operational.
NuRAN Wireless Inc. has engaged Octagon Media Corp. for a six-month digital media advertising and investor marketing campaign, compensating them with US$125,000 and stock options for 300,000 shares at CAD$1.45. An additional bonus of US$100,000 is payable if the Company secures equity financing of CAD$4 million or more. Concurrently, 250,000 stock options were granted to directors and consultants at an exercise price of CAD$1.34, with various vesting schedules. The campaign aims to expand NuRAN's U.S. investor audience, enhancing visibility and potential investment opportunities.
NuRAN Wireless Inc. has received a second mandate letter for a senior secured credit facility of up to EUR 8,000,000 (approximately US$9,000,000) from a development finance institution. This funding will finance part of the US$30,000,000 expenditures for network infrastructure in Cameroon and the Democratic Republic of the Congo (DRC), facilitating the rollout of up to 970 rural sites. NuRAN aims to raise an additional US$6,000,000 and has contributed approximately US$5,100,000 in equity thus far. The Loan Facility has conditions and a seven-year term with a grace period.