NuRAN Wireless Inc. announced that after initial discussions with a 3rd party facilitator, it has signed a non-binding Mandate Letter for $5 Million loan agreement. Following the announcement of indicative terms on financing on November 16, 2023, the Company announced that it has signed a non-binding mandate letter for a $5 Million Senior Secured Bridge Facility for (re)financing of renewable energy assets for NuRAN Wireless (Africa) Holding. The Facility will be provided subject to customary due diligence for a transaction of this type and have a 2-year tenor with bullet principal repayment at maturity.

It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. NuRAN and the lender have been engaged in the process leading to the signature of this non-binding mandate letter since September 2023. This has resulted in a significant amount of due diligence work already being completed including work done on prior financings.

The funds can be used to refinance energy assets already on operating sites or in inventory which is estimated at over $1.8 Million. This is in addition to the build of new sites in Cameroon and the DRC as well as the new countries.