Mr. Francis Letourneau reports

NURAN ANNOUNCES A US$15M FINANCING LETTER OF INTENT

Nuran Wireless Inc. has received a non-binding letter of intent (LOI) from another development financial institution (DFI) for up to $15-million (U.S.) debt financing.

This LOI is subject to the satisfactory completion of a due diligence process and the finalisation of all terms between the parties. The proposed debt financing is for a 7-year period which includes a 2-year grace period to complete the construction of new sites. These funds are proposed to enable Nuran to build an additional 800 sites within Africa.

US$5M Loan Mandate Letter

Nuran is also pleased to report that the Mandate Letter previously announced on January 3rd, 2024, has now transitioned into a term sheet which will form the basis of definitive loan documentation. The operational, business, and commercial due diligence has already been satisfactorily completed, leaving only the environmental and legal due diligence outstanding. These funds provided to Nuran Africa would essentially be used to build more rural and remote mobile sites within Africa.

"We have been looking for alternative sources of financing our site build in Africa since we launched this initiative. With over 4600 sites currently under contract, having access to various capital sources is imperative. With the recent stats form our current 79 live sites in Cameroon, Nuran is gaining more confidence in the financing process with the expectation that site deployment will accelerate throughout 2024 and beyond" states Francis Letourneau, CEO of Nuran Wireless Inc.

About Nuran Wireless:

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. "Bridging the Digital Divide, One Connection at a Time."

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