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QUEBEC, QC / ACCESSWIRE / Sept. 23, 2022 / NuRAN Wireless Inc. (“NuRAN” or the “Company”) (CSE:NUR)(OTC:NRWF)(FSE:1RN), a leading provider of mobile and wireless broadband infrastructure solutions, is pleased to announce the European Investment Bank (EIB) has now publicly announced its proposed funding of NuRAN.
Following our previous announcement in January of a USD 15m mandate letter from the EIB, which has since been increased to USD 18m, the company has been advised by the EIB that it is approaching the final approval stage. The financing has now been published on the EIB’s website as the bank is a public body. NuRAN’s project falls under the COVID-19 DIGITAL AFRICA LOAN ENVELOPE, which aims to accelerate the deployment of digital infrastructure and solutions in sub-Saharan Africa.
The USD 36m project is a combination of USD 18m from the EIB, EUR 8m from another already approved DFI and the rest from NuRAN, of which more than USD 6m has already been invested and is sufficient to initiate the first claim.
Subject to the closing of the Financing, all loan proceeds are expected to be paid to NuRAN Wireless (Africa) Holding, the 100%-owned 100% owned entity of NuRAN Wireless Inc. formed for the purpose of the project.
A link to the published announcement can be viewed at:
“We are now nearing final approval for the release of US$26 million to further accelerate the development of rural sites in Cameroon and the Democratic Republic of the Congo. So far, NuRAN has financed the established locations mainly from its own equity. The plan has always been to primarily use debt capital at the African subsidiary level to set up new sites. DFI’s mission is to invest in infrastructure projects that have major social and environmental impacts, for which we tick all the boxes. This funding will provide NuRAN with capital to reach up to 1100 active sites, covering 5 million residents.” stated Francis Letourneau, CEO of NuRAN.
The European Investment Bank (EIB) is the European Union’s lender. They are the largest multilateral financial institution in the world and one of the largest providers of climate finance. The EIB’s activities focus on the following priority areas: climate and environment, development, innovation and skills, small and medium-sized enterprises, infrastructure and cohesion. The EIB works closely with other EU institutions to promote European integration, support the development of the European Union and support EU policies in over 140 countries worldwide.
About NuRAN Wireless:
NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the world. With its affordable and innovative scalable solutions of 2G, 3G and 4G technologies, NuRAN Wireless offers more than a billion people a new way to communicate effectively over long distances efficiently and cost-effectively. “Bridging the digital divide, one connection at a time.”
For more information on NuRAN Wireless, visit www.nuranwireless.com
Director and CEO
Phone: (418) 264-1337
Tel: (514) 969-5530
More information on MTN Côte d’Ivoire:
Neither the Canadian Securities Exchange nor its market regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “expects,” “is expected,” “anticipates,” “intends,” “believes,” or variations of such words and phrases, or state that certain actions, events, or results “may” or “will” be taken, occur, or be achieved. Forward-looking statements include those relating to the Company’s loan facility agreements and term sheets with lenders, including the EIB, and the ability to raise additional funds to meet the $36,000,000 commitment amount for the projects in the Democratic Republic of the Congo and Cameroon, the Company’s proposed network expansion, locations and the ability to obtain project financing in relation to them. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that could cause results not to be as anticipated, estimated or intended to fail. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements such as , and actions taken to prevent their spread, risks related to NuRAN’s business and the economy in general; NuRAN’s ability to refinance its long-term debt that is currently in default; NuRAN’s ability to appropriately restructure its operations in relation to its new model of NAAS service contracts; the Company’s ability to supply engineering and import inventory into Africa at reasonable cost; NuRAN’s ability to obtain project financing for its proposed site expansion under its NAAS agreements with Orange, MTN and other telecommunications providers; the loss of one or more key suppliers, or a reduction in significant volume from such suppliers; NuRAN’s ability to meet or exceed customer needs and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company’s industry; NuRAN’s ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all necessary permits to conduct our operations, access to credit and capital markets, changes in applicable telecommunications laws or regulations or changes in licensing and regulatory fees, downturns in customer business cycles; and insurance pricing and availability of insurance coverage, the Company’s ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyber attacks and to comply with applicable data protection and data security requirements; the Company’s ability to successfully execute its business strategies or realize anticipated cost savings and revenue improvements; business development activities, including acquisitions and integration of acquired companies; the Company’s expansion into markets outside of Canada; and the operational, competitive and regulatory risks faced by the Company’s non-Canadian operations. Accordingly, readers should not place undue reliance on forward-looking information. Other factors that could materially affect such forward-looking information are described in the risk factors in the Company’s most recent annual management discussion and analysis, which are available under the Company’s profile on SEDAR at www.sedar.com.
SOURCE: NuRAN Wireless Inc.
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