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      Home News Satellite/Comms

      Spacecom buys 9.3% of NuRAN Wireless to strengthen Africa operations

      Staff Reporter by Staff Reporter
      July 1, 2021
      in Satellite/Comms
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      The agreement grants Spacecom exclusive rights to provide satellite capacity and bandwidth for all future NuRAN African operations.

      Israeli satellite operator Spacecom has announced an agreement with NuRAN Wireless, including a USD 3.2m investment in the Canadian communications company. Spacecom is acquiring 9.3% of NuRAN’s equity, subject to the contract’s conditions. 

      NuRAN’s satellite-based wireless communications products enable mobile wireless operators (MNOs) to deploy sites for network coverage in hard-to-reach and rural regions where infrastructure is neither economically feasible nor cost-efficient.

      The agreement grants Spacecom exclusive rights to provide satellite capacity and bandwidth for all future NuRAN African operations. This includes NuRAN’s recent large, long-term contracts to expand Orange’s MNO satellite network coverage in Cameroon and the Democratic Republic of Congo (DRC). These deals and all future ones will use Spacecom’s Amos-17 satellite, whose characteristics deliver advantages for Africa. Spacecom’s expected potential annual revenue from these deals is between USD 2m to USD 3m, depending on the deals’ progress.

      The collaboration is integral to Spacecom’s strategy to further its position as a communications service provider of satellite-based systems in Africa. It advances the programme to integrate into its portfolio distinctive technological services that fit the target markets, including investments and joint ventures with companies possessing exceptional technologies. 

      NuRAN said it had received a lead order from SpaceCom to subscribe for USD 4m worth of securities in connection with a non-brokered private placement of up to 7.19m units in NuRAN at USD 1.53 per unit, for gross proceeds of up to USD 11m. Each unit comprises one common share in NuRAN and one warrant, each entitling the holder to buy one common share at USD 2.40 for a period of 24 months from the issue date. 

      NuRAN has agreed to let Spacecom purchase 2.61m common shares and 182,000 warrants for gross proceeds of USD 4m, on the condition that Spacecom becomes an exclusive satellite capacity provider for all future projects. There is also an order for the supply of managed services for 120 sites under the contract with Orange Cameroon and for 2,000 sites under the contract with Orange DRC.

      In addition to the foregoing conditions, NuRAN and Spacecom have agreed that in the event that Spacecom is unable to exercise any of the warrants that it holds following the triggering of the Acceleration Provision due to the ownership limitation, Spacecom will have the option of instead purchasing a convertible debenture in the principal amount equal to the number of unexercised warrants multiplied by the warrant exercise price and under the terms of such convertible debenture, the principal amount may be converted by Spacecom into Common Shares at a fixed conversion price of $2.40 per common share, subject again to the ownership limitation.

      Commenting on the agreement, Dan Zajicek, Spacecom’s CEO, said: “We are proud and excited to take a strategic step and partner with NuRAN, which turns technology to effectively service rural population and provides a great value to mobile operators in Africa. The unique capabilities of our Amos-17 satellite along with the NuRAN investment and partnership shows our long-term commitment to set Spacecom as a leading and dominant communication service provider. We are pleased to take this step and look forward to unlocking the rural potential in Africa together.”

      Francis Letourneau, CEO at Nuran Wireless Inc, added: “A lead order of this magnitude from Spacecom, a leading global satellite operator, is not only a vote of confidence in NuRAN but also an affirmation of our approach in bridging the digital divide. We are extremely proud to have Spacecom as a strategic partner and shareholder. Mobile connectivity is no longer a luxury but an essential need for communication, e-commerce, remote healthcare and education and together NuRAN and Spacecom are committed to bringing immediate relief to much of rural and remote Africa.”

      Tags: MNO satelliteNuRANOrange CameroonOrange DRCSpacecom

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