NuRAN Wireless Inc. announced the financial close of the USD 5 million Loan Facility with the Facility for Energy Inclusion (FEI). The initial draw down of USD 2.5 million under the Facility is underway and the funds will be disbursed within 5 to 10 business days. The initial draw down under the Facility consists of the principal amount of USD 2.5 million which amount includes a USD 1.07 million refinancing of renewable energy assets already previously shipped and installed by NuRAN in Cameroon.

Management also intends to kickoff operations in Ivory Coast and to build sites from inventory in South Sudan before the end of 2024 subject to further financing. NuRAN is also announced that, in connection with the closing of the Facility, it has reached agreement with Advance Factoring Inc., the holder of debt under the Factoring Agreement dated as of August 28, 2023 (the "Factor) and certain existing holders of convertible debentures (the "Debentureholders") pursuant to which the Factor and Debentureholders agreed to subordinate their outstanding security to the Facility with respect to all Africa assets and to waive any current events of default. The Company has also extended the maturity date of the Convertible Debentures entered into in July 2022 to December 31, 2025 in return for an increase in the principal amount to USD 2.53 million plus an agreed cash repayment plan and increased interest charges of 24% equal to the default rate.

NuRAN also increased the amounts available for factoring under the Factoring Agreement entered into in August 2023 allowing the Company to draw additional amounts at its discretion. No changes were made to the conversion price of outstanding convertible debentures and the conversion price in the factoring agreement.