NuRAN Wireless Inc. (“NuRAN” or the “Company”) is progressing towards signing and closing its Loan agreements with developmental finance institutions (DFIs). The due diligence review by lenders of all suppliers, including a key supplier in the Democratic Republic of the Congo (DRC), is underway and is expected to be completed in September.
Based on internal forecasting, the Company expects to have a minimum of 1,500 live towers by 2024 and 2,500 live towers by the end of 2025. The projected consolidated gross revenue is approximately US$20 million for 2024 and approximately US$50 million for 2025. The Company also anticipates achieving positive EBITDA as early as Q2 2024, with expected EBITDA of US$6 million for 2024 and US$25 million for 2025.
In addition to the DFI loans, NuRAN is exploring alternative non-dilutive financing options at the NuRAN Africa level. Discussions with strategic international institutions and companies are underway to secure sufficient financing to accelerate the deployment of contracted towers. The Company aims to repay debt and accelerate the deployment of additional towers while remaining cash-flow positive. This financing is intended to complement the DFI loans and support growth in other markets.
NuRAN has resumed the deployment of sites in DRC and Cameroon to convert inventory to live sites, with a focus on site acquisition, maintenance, and upgrade to meet increased demand.
To reduce costs, the Company has implemented measures such as salary reductions and deferrals by the management team. Management is considering settling the accrued debt, including over CA$175,000 from CEO Francis Letourneau, into shares. Additionally, management has personally funded over $125,000 to support operations and R&D.
The Company is actively negotiating debt restructuring, including extending maturity dates with bridge lenders, satellite equipment partners, and long-term debenture holders. NuRAN expects to announce the results of these discussions in the coming weeks.
NuRAN Wireless is a leading rural telecommunications company that provides wireless network coverage in remote and rural regions worldwide. With affordable and scalable solutions, the Company aims to bridge the digital divide and enable effective communication over long distances.
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