NuRAN Wireless (CSE: NUR) this morning provided a corporate update on its operations. The update placed an emphasis on the firms financial position, with certain debts having been converted to shares.
The company has identified that a total of $1.9 million in outside debt owed to 12% senior secured convertible debenture holders has been settled via the issuance of 5.7 million common shares, while a further 2.0 million shares were issued to settle $850,000 in long term debt.
Following the settlements, a total of $0.9 million remains outstanding on the 12% senior secured debentures, while $0.4 million in other long term secured debt remains outstanding.
In terms of operations, the company has indicated that it has completed the site build in connection with the project underway with Vodafone for GSMA in Ghana. The company will now shift to managing daily operations, while monitoring and maintaining seven sites within Ghana over the next twelve months. The company has also now completed the forming of its wholly owned subsidiary in Cameroon, in connection with an agreement worth up to $20 million signed in October 2020.
Finally, the company has appointed Badi Abdallah, a 25 year telecom industry executive, as director of operations for Africa. Meanwhile, Charles Kouadio, an industry executive for ten years within Africa, has been appointed as director of finance for Africa.
NuRAN Wireless last traded at $2.25 on the CSE.
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