NuRAN Closes US$5M Financing

Quebec-based NuRAN Wireless Inc. has finalized a US $5 million loan facility with the Facility for Energy Inclusion (FEI), managed by Cygnum Capital. The initial drawdown of $2.5 million is underway, supporting the company's expansion in Africa. Funds are expected to be disbursed within 5 to 10 business days.

President and CEO Francis Letourneau stated that the financing will help NuRAN build more sites in Africa, aiming to demonstrate the profitability of rural and remote locations. The company plans to utilize the funds to add up to 242 new sites, extending operations to the Democratic Republic of the Congo, Ivory Coast, and South Sudan by the end of 2024.

NuRAN has also restructured its outstanding debt, extending the maturity date of convertible debentures to December 31, 2025, and increasing the principal amount to $2.53 million. This agreement includes higher interest charges but allows additional factoring amounts at the company's discretion.