Mr. Francis Letourneau reports

NURAN APPLIES FOR DRC OPERATING LICENSE

Nuran Wireless Inc. has provided a corporate update on business.

Democratic Republic of the Congo operating licence

The company is pleased to announce that its wholly owned subsidiary, Nuran Wireless DRC SARLU, has completed its application for a network infrastructure licence in the Democratic Republic of the Congo. The licence is similar to the Category 1 licence announced on Oct. 17, 2023, in Cameroon in that it allows for expansion of the business model beyond network-as-a-service allowing services to multiple mobile network operators on individual sites as well as the addition of VSAT services. The decision was advised by Nuran's newly engaged expert in policy and regulatory affairs and follows a Ministerial Decree published on Oct. 10, 2023, which simplifies the obligations of holders of the licence, specifically related to ownership requirements. Even if not considered essential to run its business as per the confirmation received in June from the Democratic Republic of the Congo telecommunications regulator called "Agence de Regulation des Postes et Telecommunications Congolaise (ARPTC)," the aforementioned licence will satisfy EIB's expectations in DRC which has already been satisfied in Cameroon. The company continues to pursue the confirmation letter from ARPTC on its current licences while the infrastructure license process is under way.

Indicative terms on financing

Nuran's efforts to bring alternative financing alongside the EIB and DFI Loans has yielded results with term sheets received from three separate groups. The first one is a $40-million share subscription facility in the company equity that is expected to provide funds for general corporate purposes and working capital purposes. The facility would be available for a period of three years and could be drawn entirely at the discretion of the company. The other is a structured debt instrument to support growth at the Nuran Wireless (Africa) Holding level in Mauritius. The $10-million (U.S.) facility includes funding for countries other than Cameroon and DRC which are covered by the EIB and the other DFI and is a mix of senior debt and a subordinated mezzanine facility. The mezzanine facility will facilitate the company meeting the debt-to-equity covenant of the EIB and the other DFI facilities.

The company has also received a term sheet for a $800,000 (U.S.) credit facility from a local Cameroon commercial bank to support accelerated rollout in that country. The company is in process of finalizing the agreement. The facility has limited recourse and can therefore sit alongside the EIB and the other DFI loans.

The terms of that mentioned in this release are being negotiated in parallel and more details will be provided as they are finalized.

About Nuran Wireless Inc.

Nuran Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G and 4G technologies, Nuran Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably.

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