NuRAN Wireless Secures $1.6 Million in Private Placement

NuRAN Wireless Inc. has closed a non-brokered private placement of an unsecured convertible debenture, generating gross proceeds of $1.6 million. The debenture, maturing on August 16, 2026, will accrue 15% annual interest. The principal amount after a 25% issuance discount and including all fees is $2,194,772.

The debenture, convertible at $0.225 per unit, grants the holder one common share and one warrant per unit. Warrants can be exercised at $0.25 for 24 months. Proceeds will be used for working capital and debt repayment. The offering remains subject to Canadian Securities Exchange approval.

The debenture includes a participation right, allowing the holder to partake in future equity financings if they retain over 5% equity interest, up to a 9.9% interest.

NuRAN’s CEO Francis Letourneau expressed gratitude to the subscriber, highlighting the commitment to expanding connectivity in rural Africa.