Mr. Francis Letourneau reports

NURAN ENTERS INTO US $5M LOAN FACILITY

Nuran Wireless Inc. has executed a two-year-term loan facility agreement in the principal amount of $5-million (U.S.) with the Facility for Energy Inclusion (FEI), a fund managed by Cygnum Capital, following final investment committee approval announced on Feb. 29, 2024.

The loan facility was entered into by Nuran Wireless (Africa) Holding, a wholly owned subsidiary of the company for the purpose of financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new network-as-a-service (NaaS) agreements with the intention of accelerating the build of NaaS sites, primarily in Cameroon and DRC (Democratic Republic of the Congo).

This senior secured loan facility is intended to allow Nuran to deploy more than 500 new sites. Combined with cash generated from operating sites, the company intends to use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature, including evidence of new sites being financed and operational from the proceeds of drawdowns, and the amounts are secured against the assets of the company's subsidiaries. "This marks a significant milestone in Nuran's financing strategy for its NaaS operations and is the result of extensive efforts by both FEI's and Nuran's teams in completing the final due diligence and debt structuring. We are grateful to Cygnum Capital and FEI for their support in our commitment to connect and empower the unconnected in Africa," said Francis Letourneau, chief executive officer of Nuran Wireless. "This facility will enable us to execute our construction plan for 2024 and achieve major milestones by the end of the calendar year," stated Mr. Letourneau, CEO of Nuran Wireless. "Providing this facility to Nuran Africa marks another noteworthy achievement for the fund's leading role to support the energy transition in the telecommunication industry in Africa, where renewable energy is critical to bring fundamental services to underserved populations. The combination of innovative financing and world-class technical expertise will fast-track the expansion of mobile networks to rural areas in Africa," stated Carmen de Castro, managing director and fund lead at Cygnum Capital. FEI was advised by Trinity International (legal) and IBIS Environmental Social Consulting Europe (E&S).

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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