Sir,

The concerns that you have will be addressed in one of our future video to describe the business and flow of funds. 

Regarding your question, let me answer it that way. NuRAN business model is more-less a franchise business where :  

• NuRAN Canada sells equipments (RAN solution) to its various subsidiaries as a pre-negotiated transfer pricing with pretty high margin.
• NuRAN Canada also provides and invoices managed services and admin services to its subsidiaries.

So far NuRAN has contributed for way more than the 6M required to meet the covenents of the loan for the inital drawdown therefore the parent company shall receive the exceeding amount contributed to the project. The EIB/DFI money have to be used mainly for CAPEX but due to the above, we are bringing back a significant portion at the NUR Canada level. Also because the revenue generated in each country will contribute to the build locally so the a portion of the money coming from EIB for the following drawdowns will be used to repay the parent company for its products and services.

In conclusion, management intends to maximize the repayment of the convertible debenture to minimize the dilution. The amount is not confirmed yet, though.

Hope it clarifies.