Quebec City, Canada, August 23rd, 2019 – NuRAN Wireless (“NuRAN Wireless” or the “Company”) (CSE: NUR) (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 August 23, 2019, and continue to forbear from declaring or acting upon, or exercising related rights or remedies under such creditor’s financing agreement until February 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 share purchase warrant (each a “Warrant”) entitling the holder to purchase one common share of the Company at an exercise price of $0.10 until August 23, 2021 for each $1.00 of principal amount owing to the Holder under the Debenture for an aggregate total of 3,090,000 warrants. As of the date hereof, the Company has received forbearance agreements from the majority of Holders, thereby granting the Company with an extension of six months before repayment of the principal and any interest due.
“We are glad to have reached agreement to extend the Debenture in such a way, as it provides the Company with the proper conditions and sufficient time to structure its debt financing under favorable conditions”, stated Maxime Dumas, President and CEO of NuRAN Wireless, Inc.
For further information about NuRAN Wireless;
President and CEO
United States Contact
RB Milestone Group, LLC
Stamford, CT & New York, NY