Tower build resumption:

Following the April 4th announcement, management reports that a portion of the money received on the 25th of April has been allocated to resume the deployment. The Company will report periodically on new installations.

Impact of the MCTO:

·       The MCTO is expected to be resolved on or before May 12 as stated in the PR. There are no concerns or issues in the current audit that could trigger a CTO.  

·       Filings the Audited Financials is not a condition for signing the loan agreement with EIB. Auditing NuRAN Africa and the subsidiaries is required by the DFIs on a go forward basis.

·       The MCTO on the delayed filing of the Audited Financials does not impact the potential signature timing whatsoever.

DFIs DD Review:

Even if longer than expected, the process is nearing completion with shared willingness to conclude. Management remains confident to complete the process to EIB/DFI2 satisfaction. NuRAN is happy to report that the expected outcome of this review assures the Company that it will be fully compliant with local legislation and regulation and in some cases exceed requirements therefore increasing the credibility of our operations in those countries and for future capital raise.

Convertible Debenture term:

MCTO is not an event of default that could trigger a renegotiation of the terms.

AGM

Public companies under CSE do not have any obligation to disseminate the results of the AGM.

Board of Directors

A public company has to issue a PR for any change of director.