NuRAN Reaches Agreement for Extension of Senior Debenture
(TheNewswire)
Quebec City, Canada – TheNewswire - August 23rd, 2019 - NuRAN Wireless (“NuRAN Wireless” or the “Company”) (CNSX:NUR.CN) (OTC:NRRWF) (FSE:1RN), a leading supplier of mobile and broadband wireless solutions, announces it has entered into a forbearance agreement in connection with its previously issued 12% senior secured convertible debentures (the “Debentures“) pursuant to which the majority lenders agreed to waive any default in payment of principal and interest payments due and payable as of August 23, 2019, and continue to forbear from declaring or acting upon, or exercising related rights or remedies under such creditor’s financing agreement until February 23, 2020.
In consideration of, and conditional to the confirmation from the Majority of Holders on the execution of the forbearance agreement, the Company offered to grant Holders a share purchase warrant (each a "Warrant") entitling the holder to purchase one common share of the Company at an exercise price of $0.10 until August 23, 2021 for each $1.00 of principal amount owing to the Holder under the Debenture for an aggregate total of 3,090,000 warrants. As of the date hereof, the Company has received forbearance agreements from the majority of Holders, thereby granting the Company with an extension of six months before repayment of the principal and any interest due.
“We are glad to have reached agreement to extend the Debenture in such a way, as it provides the Company with the proper conditions and sufficient time to structure its debt financing under favorable conditions”, stated Maxime Dumas, President and CEO of NuRAN Wireless, Inc.
About NuRAN Wireless
NuRAN Wireless is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically drop the total cost of ownership, thereby creating new opportunities for established, as well as emerging mobile network operators. Indoor coverage, isolated rural communities, offshore platforms and ships, NuRAN Wireless helps its customers reach everyone, everywhere.
No regulatory authority has approved or reviewed the contents of the information contained in this news release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
For further information about NuRAN Wireless;
Maxime Dumas
President and CEO
[email protected]
(418) 914-7484
United States Contact
Trevor Brucato
Managing Director
RB Milestone Group, LLC
Stamford, CT & New York, NY
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the timing of the Offering, the use of proceeds from the Offering, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NuRAN Wireless Inc., as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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