Justin,

You have some good points in there.

First, you are right about the fact that the 27M EIB/DFI loan is only for CAM and DRC. The initial build is going to be funded by the cash generated for NuRAN Canada by the products and services rendered to the subs. The phase 2 financing for our new countries including Madagascar shall include debt and equity at the NuRAN Africa holding level. Multiple options are in progress as we speak. 

Regarding the potential equity players, they are expecting more sites built in DRC and performance report. Since Cameroon is already out performing according to our financial model, the focus is on DRC. The recent contract signatures with Orange and MTN for Ivory Coast, Madagascar, Namibia and Sudan for over 2000 sites reduces dramatically the risk exposure of DRC so NuRAN is in better position now. The site build resumption in DRC is expected to restart the discussions with the various equity players.