Mr. Francis Letourneau reports

NURAN RECEIVES ADDITIONAL FUNDING COMMITMENTS FROM 3 LENDERS

Nuran Wireless Inc. has received expressions of interest from three additional lenders to support the company's network infrastructure rollout plan of its fully owned subsidiary Nuran Wireless Africa Holding (Nuran Africa).

"Nuran is beginning to gain much traction from a diversified group of lenders to fund the 4,642 sites currently under the network-as-a-service (NAAS) contract. The recent numbers and previously referenced in a press release regarding Cameroon have certainly helped Nuran to gain credibility and interest in financing these site builds. We hope to be announcing the first reception of funds to drive those site builds as soon as possible," stated Francis Letourneau, chief executive officer at Nuran Wireless.

The EOIs can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these three EOIs along with the previous letter of entent (LOI) for $15-million (U.S.) debt financing announced on Feb. 6, 2024, as well the possible rollover of its $5-million (U.S.) bridge facility announced on Feb. 29, 2024, can possibly finance at least 2,500 of the sites under contract to date.

While the immediate priority is on completing the current $5-million (U.S.) bridge facility, these parties will be engaged in a parallel process. In addition, the company is advancing discussions with equity providers at Nuran Africa level and will benefit from the extensive legal, technical, commercial, and environmental, social and governance due diligence completed by the bridge provider which can be shared to manage a much more efficient process.

The 21 new site builds in Cameroon previously announced on Jan. 30, 2024, taking the total live sites to 100 in Cameroon is proceeding on schedule and Nuran will report the completion of these site builds as soon as possible.

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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