Good morning,

First and foremost, EIB is a large complex bureaucratic organization. They do not work with the same speed and flexibility as a smaller private organization. 

In our discussion with the EIB in July, we have put together a plan to aim for signing in September. Last week, we had a board meeting to discuss business in general but mainly discuss the financing side and the various options including EIB. 

As an outcome of the BOD meeting, we have requested from EIB a comfort letter that confirms their commitment to the project and comprehension of the outstanding items. They have answered positively and confirm that the last item remaining to signing is still related to the licensing aspect. We continue to make excellent progress on this issue. 

Moving forward, in partnership with the board, management is evolving on other financing options like:

• Supplier financing for the tower and construction as material is in country already to complete 240 sites and beyond
• Local commercial bank facility
• Impact fund short term bridge facility
• US$ 5+ million equity/mezzanine

The performance and historical data on the CAM and DRC sites help boost the model to accelerate the process of these other financing options. The business case is compelling and attractive to lenders and investors alike. The objective being to reach EBITDA positive as fast as we can. 

We remain extremely confident that 1) EIB is going to be signed and 2) we will close other financing shortly to regain momentum in our build plan.

Best regards