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NuRAN Wireless Inc (OTCMKTS:NRRWF) Stock Bounces Back After Final Agreement with Afriland First Bank

Ash K , , , ,

Shares of NuRAN Wireless Inc (OTCMKTS:NRRWF) recovered a bit in the previous session.

Market Stats

On Friday, NRRWF stock gained 4.82% to $0.8586 with more than 3.1K shares, compared to its average volume of 2.5K shares. The stock moved within a range of $0.8440 – 0.8749 after opening trading at $0.8440.      

NuRAN Signs Final Agreement with Afriland First Bank, Closes First Bridge Financing and Provides Corporate Update

Leading rural telecommunications firm, NuRAN Wireless Inc (OTCMKTS:NRRWF), on March 18, 2022 confirmed corporate update on some major milestones for the firm. NuRAN Wireless also announced finishing first tranche of the earlier announced bridge financing.

NuRAN Wireless finished last step in unwinding the bankruptcy of Nutaq Innovation Inc, its wholly owned subsidiary. The company’s proposal to creditors was accepted by bankruptcy court on March 17, 2022. This permits the firm to recover some research and development tax credits, for about CAD$182,000 and past tax losses of more than CAD$30 Million.

NuRAN Wireless also confirmed on signing final agreement with Afriland First Bank in Cameroon for CAD$2.87 Million. The proceeds will be be used for infrastructure investment in Cameroon. Post funding by Afriland, the firm will get more than CAD$1 Million for supporting continued investment.

The firm closed first tranche of secured convertible debenture financing for principal amount of about $2,000,000. Every Debenture issued would be convertible into common shares at price of $1.35 per Share. Debentures will mature on March 17, 2024. They are secured by way of general security agreement. The company also clarified that warrants to be issued on closing of previously announced second tranche convertible debenture facility would be having price equal to 50% premium to closing share price.

Traders Corner

NRRWF stock is trading above the 20-Day and 50-Day Moving averages of $0.9251 and $1.02 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.28.