NuRAN Wireless Secures $800K Credit and Advances African Telecom Infrastructure

NuRAN Wireless Inc., a key player in the provision of mobile and broadband wireless infrastructure, announced securing an $800,000 credit facility from a local Cameroonian bank. This financial boost is aimed at supporting the expansion of NuRAN's site deployment in Cameroon, enhancing its footprint in the African telecommunications landscape. With a tenure of 2 years and an interest rate of 9%, this facility underscores the confidence in NuRAN's growth trajectory and operational strategy.

CEO Francis Letourneau emphasized the importance of this credit facility in bolstering NuRAN's site deployment across Africa, which is crucial for the company's data reporting and securing additional funding for further expansions. Moreover, NuRAN has successfully completed 19 new sites, advancing the total number of live sites to 183, marking significant progress from the previously reported 164.

Additionally, NuRAN provided updates on its factoring agreement, which has been amended to include the sale of additional receivables worth $1.911 million. This move increases the total receivables to $12 million, demonstrating a strategic financial maneuver to meet working capital needs and support the completion of a forthcoming $5 million Loan Facility. The factoring company expressed confidence in NuRAN's business model and future prospects, reinforcing a strong partnership amid the funding phases.