Xplore Secures Funding for Expansion of Fibre and 5G Networks

Xplore has announced it has secured debt and equity financing to expand its fibre-to-the-home network and 5G technology upgrades for fixed wireless networks.

“This investment will allow Xplore to deliver top-tier broadband to more rural communities in Canada,” stated Fran Shammo, Xplore’s Executive Chairman, in a statement. “This agreement marks a significant milestone for Xplore and will benefit our customers and stakeholders.”

The new financing will allow for continued expansion of fibre-to-the-home networks in rural areas throughout Canada. Xplore plans to offer gigabit-speed broadband services to over 400,000 homes in the coming years, positioning itself as the largest independent fibre broadband provider in rural Canada. The company also offers satellite internet technology for customers. This satellite tech was launched previously by SpaceX’s Falcon 9 rocket. SpaceX has a rival satellite internet offering, Starlink.

Additionally, the funds will support the transition of the company’s fixed wireless networks to 5G technology.

“Xplore is dedicated to building high-quality fibre networks in rural Canada, in partnership with government entities. This investment will enable us to provide transformative internet access to more underserved regions,” commented Rizwan Jamal, Xplore’s President and CEO in a statement. “With our market-leading spectrum portfolio and skilled Canadian teams, we are excited to deploy world-class 5G-enabled fixed wireless technologies across our coverage area. We are eager to offer higher speeds to all our customers.”

The company is utilizing the Canada Business Corporations Act (CBCA) to facilitate the transaction and has initiated proceedings under the CBCA. Xplore anticipates completing the investment process in the next few weeks.