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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 signed a $125 million NaaS contract with MTN Sudan for rural mobile infrastructure deployment. The 10-year agreement involves a minimum of 500 sites across Sudan, potentially increasing based on project dynamics. Revenues will be shared, contingent on site completion and operational expenses. This partnership aligns with NuRAN's goal of securing 10,000 sites under contract, building on previous agreements with MTN in other African nations. NuRAN aims to leverage its expertise in mobile infrastructure to foster connectivity in underserved regions.
NuRAN Wireless has signed a Group Framework Agreement with MTN Group on July 21, 2022, to deploy rural sites in the Middle East and Africa under a Network-as-a-Service (NaaS) model. This agreement allows NuRAN to work with MTN subsidiaries on the development of up to 19,000 network sites. CEO Francis Letourneau expressed confidence in achieving contracts for 10,000 sites through this partnership. The NaaS model is designed to generate long-term recurring revenues, although it involves upfront investment. NuRAN plans to utilize asset-based project financing to support this initiative.
NuRAN Wireless Inc. (CSE:NUR, OTC PINK:NRRWF) has successfully closed a $2,000,000 non-brokered private placement of convertible debentures with a strategic investor. The principal amount of $2,222,222 is convertible at $1.35 per share, due one year from closing, and includes 1,481,481 share purchase warrants exercisable at $2.00 for 24 months. Additionally, the company has received confirmation from a development finance institution regarding a $27,000,000 loan facility, meeting a pre-closing fundraising condition of $6,000,000.
NuRAN Wireless Inc. has filed amended audited financial statements for the year ended December 31, 2021, addressing inventory discrepancies in its African operations. These amendments follow complications in inventory monitoring, resulting in a modified auditor's opinion initially. A physical inventory count conducted in May 2022 enabled the auditor to issue an unmodified opinion. The amended reports include a minor adjustment of $23,034. Following these changes, the British Columbia Securities Commission is expected to revoke a cease trade order, allowing shares to resume trading on the CSE.
NuRAN Wireless has appointed Hassan Kabbani to its board of directors, effective immediately. With over 30 years in the telecom sector, Kabbani's experience includes leadership roles in major firms like Zain Group and Orange SA. He will also lead an Operations Committee to enhance network rollout and KPIs for NuRAN's NaaS infrastructure. Furthermore, the company is submitting a revised audit report to the BCSC, aiming to lift a previously imposed cease trade order (CTO). The deadline for unexercised share purchase warrants has been extended due to the CTO.
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.