NuRAN Wireless Inc. announced that the European Investment Bank has formally approved its previously announced senior credit facility of NuRAN for a total of USD 18,000,000 on October 5th. The approval is the culmination of extensive project due diligence as well as a number of requirements of the EIB which NuRAN management has been working towards over the last several months. This approval is also expected to trigger the release of an additional EUR 8,000,000 senior secured credit facility with a second development finance institution (DFI) for which final approval has already been granted as previously announced on July 12, 2022.

On closing the combined funding is expected to provide NuRAN with approximately USD 26,000,000 in total debt facilities. The combined proceeds of approximately USD 26,000,000 are expected to be used for project expenditures relating to the installation of network infrastructure by NuRAN and roll out of up to 242 rural sites in Cameroon and 850 sites in Democratic Republic of Congo ("DRC").