01:49:39 EDT Thu 01 Jun 2023
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Nuran Wireless Inc (2)
Symbol NUR
Shares Issued 36,708,197
Close 2023-03-07 C$ 0.425
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Nuran Wireless receives DRC operating licences

2023-03-07 12:22 ET - News Release

Mr. Francis Letourneau reports


Nuran Wireless Inc. has provided a corporate update on the European Investment Bank (EIB) senior credit facility of $18-million (U.S.) approved on Oct. 6, 2022, and the DFI senior credit facility of eight million euros approved on July 12, 2022, totalling approximately $27-million (U.S.).

The company received confirmation that the necessary authorizations and licences to operate in the Democratic Republic of the Congo (DRC) have been granted by the telecommunications authority. Nuran's management has processed the required payment and awaits the official copies. The authorizations and licences are subject to a final legal review by EIB.

Nuran has also been advised by EIB that the letter from the Ministere des Finances of the DRC consenting to the granting of the loan for the purposes of the Cotonou Agreement and accordingly the undertakings of the DRC in Article 6 of Annex II of the Cotonou Agreement, a treaty between the European Union and the African, Caribbean and Pacific group of states, with regard to exchange control and tax exemptions relating to the investment, had been received. In addition, the second DFI has received its internal approval regarding loan availability, drawdown period and repayment term to align with that of the EIB.

These were the last authorizations required by EIB for final approval and signature of the definitive loan agreement. Nuran shall announce the signing of the definitive loan agreement leading to the initial drawdown of finances as soon as it is completed.

About Nuran Wireless Inc.

Nuran 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 offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably.

We seek Safe Harbor.

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