NuRAN Wireless Inc. has secured a mandate letter with Afrigreen Debt Impact Fund for a proposed senior debt financing of up to USD 12 million, marking its largest financing milestone to date. The facility, structured as a multi-country, multi-currency, multi-tranche arrangement through NuRAN Wireless Africa Holding, aims to accelerate the deployment of mobile and broadband infrastructure across multiple African nations. This capital is intended to unlock the next wave of site development, bringing reliable 2G, 3G, and 4G coverage to underserved communities.

The proposed financing remains subject to customary conditions, including the completion of due diligence, internal approvals, and the negotiation and execution of definitive financing documentation. There is no assurance that definitive transaction documents will be executed or that the proposed financing will be completed on the terms currently contemplated.

Operational Expansion

NuRAN Wireless has successfully deployed its first towers in Ivory Coast, marking the company's entry into a new sub-Saharan African market. These sites are equipped with advanced 4G transmission technology, delivering high-speed mobile connectivity to rural communities. Additionally, the company has commenced the rollout of 3G technology in Cameroon to address surging demand for higher data capacity and enhanced connectivity.

Strategic and Regulatory Updates

Francis Létourneau, Director and CEO, stated that the mandate letter is a defining moment for the company, aligning with its strategy to secure capital and deploy infrastructure. On the regulatory front, NuRAN is finalizing a material change report required under section 14.2 of Form 51-102F5 regarding Advance Factoring Inc. and the Restructuring Transaction. The company expects to file this report shortly to remedy the default in accordance with applicable securities laws.