Banro Corporation (TSX: BAA) NYSE Amex: BAA) has entered an underwriting agreement setting out the terms of the overnight marketing offering of common shares which will go into effect under a prospectus supplement to their existing base shelf prospectus dating September 11, 2008 and filed with the securities commissions in all of the Canadian Provinces (other than the Province of Quebec).
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A total of 61,000,000 common shares will be distributed in connection with the offering at a price of C$2.05 per common share resulting in total gross proceeds of approximately C$125,050,000. The offering is being conducted by a syndicate of underwriters co-led by GMP Securities L.P. and CIBC World Markets Inc.
Banro is a Canadian-based gold exploration and development company focused on the development of four major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre-long Twangiza-Namoya gold-belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo (the "DRC").
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