Good morning 

The validation process with the DFIs is progressing really well. Not at the speed that we would like but the alignment and willingness to complete the cycle and have a signature is a real focus for the three organization.

The banks request yearly audited financial statement including the subsidiaries but is not a requirement for signature or drawdown. It is a covenant for the duration of the loan agreement, in other words, not a roadblock at this point.

This validation process implies several back and forth with governmental organizations to acknowledge, verify and clarify concerns ( i.e. taxes, regulatory, ESG, KYC, etc...). Our team is monitoring and managing quite closely everything. Rest assure that NuRAN and the DFIs are fully dedicated and engaged to close this deal asap so we can move forward.

We will keep our shareholders updated on the progress.

Regards