Nuran Wireless closes $300,000 private placement

Executive Summary

• Nuran Wireless Inc. closed a non-brokered interim private placement raising $300,000 in gross proceeds.
• The financing is a preparatory step for a larger restructuring transaction involving the conversion of up to $25 million of debt into equity and raising an additional $5 million in equity.
• The transaction is subject to the conclusion of a British Columbia Securities Commission (BCSC) continuous disclosure review, which must be completed before the broader restructuring can proceed.

Key Details

• Gross Proceeds: $300,000.
• Units Issued: 13,636,362 units.
• Price Per Unit: 2.2 cents per unit.
• Unit Composition: Each unit consists of one common share and one-half of one share purchase warrant.
• Warrant Terms: Each whole warrant entitles the holder to acquire one preconsolidation share at a price of 3.3 cents per warrant share.
• Warrant Expiration: Three years following issuance.
• Use of Proceeds: Working capital purposes.
• Restrictions: Shares and warrant shares are subject to a statutory four-month-and-one-day hold period and other foreign securities law restrictions.
• Regulatory Status: The BCSC and Canadian Securities Exchange have approved this interim private placement; however, the broader restructuring transaction remains pending until the BCSC continuous disclosure review is concluded.

Notable Quotes

• No direct quotes from management were included in the provided text.