Nuran Wireless Inc. announced that it will receive $1,500,000 non-convertible bridge loan on April 4, 2023. The transaction will include participation from US based institution. The Loan is for a term of six months and is subject to a number of terms and conditions the principal amount to be repaid is $1,578,947.39 including a 5% original issuance discount,10% interest per annum, paid on maturity, the loan will be senior to all existing and future debt and secured by all the assets of the company and its subsidiaries excluding the shares in its African subsidiaries and any other assets which are to be pledged as part of the security package to the DFI lenders, a right of participation in future debt offerings during the term of the loan and customary information rights and default provisions for a loan of this nature; and a lending fee of 5% of the funded amount. In the event of a default, interest will accrue at the lesser of: (i) 24% and (ii) the maximum legal rate. The Loan may be prepaid by the company at any time prior to the maturity date, without penalty. The company also issue 2,000,000 share purchase warrants with each warrant exercisable to acquire a share of the Company at an exercise price of $0.45 for a period of two years. Any securities issuable upon exercise of these warrants will be subject to a statutory hold period of four months and one day from the second tranche closing date.
As on the same day the company has received $400,000 in its first tranche.