NuRAN Wireless Inc. Secures Additional Lender Support for Network Expansion

NuRAN Wireless Inc., a prominent provider of mobile and broadband wireless infrastructure solutions, has announced receiving expressions of interest from three new lenders aimed at supporting the network infrastructure development by its subsidiary, NuRAN Wireless Africa Holding. This interest from additional lenders signifies a growing confidence in the company's ability to execute its Network as a Service (NAAS) contract involving 4642 sites.

CEO Francis Letourneau highlighted the credibility boost NuRAN received following positive outcomes from site builds in Cameroon, aiding in securing these financial commitments. Together with a previous Letter of Intent for a US$15M debt financing and a potential US$5M bridge facility rollover, these new expressions of interest are expected to finance a significant portion of the NAAS contract sites.

While focusing on completing the current bridge facility, NuRAN is concurrently advancing discussions with equity providers for its African operations. The company also reports on-schedule progress for 21 new site builds in Cameroon, aiming to expand the total live sites in the country to 100.