NuRAN Provides Corporate Update

In This Article:

QUEBEC, QC / ACCESSWIRE / December 23, 2024 / NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE:NUR)(OTCQB:NRRWF)(FSE:1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to provide the following corporate update on business:

MNO Settlement and Site Acceptance

The Company's subsidiary in Cameroon (NuRAN Cameroon) has reached an agreement with its Mobile Network Operator (MNO) Partner for the settlement of arrears relating to Network as a Service (NaaS) sites that are live but had not to date been invoiced. The agreement sets dates of acceptance when sites are deemed live and invoiced dating back to January 2022. The agreement means that beginning in November 2024, NuRAN Cameroon will issue an invoice for the additional sites increasing monthly revenue by over 20%. In addition, the Company has also reached an agreement on the basis for new site provisioning and acceptance which provides a basis to add sites to be invoiced going forward. This is an important milestone removing uncertainty and allowing for both parties to continue to pursue their growth plans. The Cameroon operation has quickly become the benchmark for NuRAN and management is keen to replicate its results in other markets.

Extension of Secured Convertible Debentures

NuRAN is also pleased to announce that it has completed negotiations for an extension of its convertible secured debentures issued in August 2023. The debenture holders have agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing to include interest accrued to date, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit (as defined in the Company's news release dated August 28, 2023) to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028.

Update on the Factoring Agreement.

NuRAN is also pleased to announce that it has amended the terms of the factoring agreement dated August 28, 2023 (the "Amendment"). Pursuant to the Amendment, the factoring company has agreed to increase the maximum amount available on the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the factoring company has agreed to cap conversions so that no more than 30,000,0000 Units form the previous 80,000,000 Units which are eligible to be issued. As consideration to the factoring company, the Company agreed to reduce the price per Unit to be $0.20 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. The amendment to this agreement provides the Company with the assurance of additional working capital, if needed, to continue its build focused on achieving positive Earnings Before Interest, Tax, Depreciation and Amortisation at group level as soon as possible. It is still NuRAN's intention to pay back this Factoring Facility in cash to minimize dilution.