NuRAN Reaches Agreement for Extension of Senior Debenture
Quebec City, Canada - TheNewswire - February 26th, 2020 - NuRAN Wireless ("NuRAN Wireless" or the "Company") (CSE: NUR) (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 this date, and continue to forbear from declaring or acting upon, or exercising related rights or remedies under such creditor's financing agreement until August 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 decrease of the Debenture conversion price from $0.10 to $0.05, as well as a share purchase warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.05 for a term of three years for each $0.50 of principal amount owing to the holder under the Debenture for an aggregate total of 6,180,000 warrants. In addition to the above, the Company offered to pay cash compensation equal to 3% of debenture principal owed, to be paid along with principal and accrued interests. As of the date hereof, the Company has received forbearance agreements from the majority of lenders, thereby granting the Company with an extension of six months before repayment of the principal and any interest due.
No regulatory authority has approved or reviewed the contents of the information contained in this news release.
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.
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