Banro Provides Information for Holders of Series A Preference Shares of Banro & Preferred Shares of Banro Group (Barbados) Li...
June 13 2014 - 11:04PM
Marketwired
Banro Provides Information for Holders of Series A Preference
Shares of Banro and Preferred Shares of Banro Group (Barbados)
Limited
TORONTO, CANADA--(Marketwired - Jun 13, 2014) - Banro
Corporation ("Banro" or the "Company") (NYSEMKT:BAA)(TSX:BAA)
hereby notifies holders of Series A Preference Shares of Banro
("Banro Series A Shares") and holders of Preferred Shares of Banro
Group (Barbados) Limited ("Barbados Preferred Shares") of the
following information necessary to calculate the amount of
dividends payable on such shares. This information is being
provided in accordance with the terms of such shares. Defined terms
in this press release which are not otherwise defined shall have
the meaning given to them in the articles of Banro and Banro Group
(Barbados) Limited ("Barbados Subco").
- The simple average of the Reference Gold Price during the
three-month period ending on March 31, 2014 is US$1,293.06.
- The Relevant Number for the purposes of the calculation of the
Dividend Liquidation Preference is 0.017501.
- There are currently no dividends accrued and unpaid on the
Banro Series A Shares or the Barbados Preferred Shares.
- The Monthly Production Level for the first quarter of 2014 was
6,712 ounces of gold per month, such that the Annual Dividend Yield
is 10.0%.
If, as and when dividends are authorized and declared by Banro
and Barbados Subco on the Dividend Payment Date, the dividend
payable per Banro Series A Share and Barbados Preferred Share will
be US$0.57.
Banro Corporation is a Canadian gold mining company
focused on production from the Twangiza mine, which began
commercial production September 1, 2012, and completion of its
second gold mine at Namoya located approximately 200 kilometres
southwest of the Twangiza gold mine. The Company's longer term
objectives include the development of two additional major,
wholly-owned gold projects, Lugushwa and Kamituga. The four
projects, each of which has a mining license, are located along the
210 kilometre long Twangiza-Namoya gold belt in the South Kivu and
Maniema provinces of the Democratic Republic of the Congo. Led by a
proven management team with extensive gold and African experience,
the initial focus of the Company is on the mining of oxide
material, which has a low capital intensity to develop but also
attracts a lower technical and financial risk to the Company. All
business activities are followed in a socially and environmentally
responsible manner.
For further information, please visit our website at
www.banro.com
Naomi NemethInvestor Relations+1 (416) 366-9189+1-800-714-7938,
Ext. 2802info@banro.com
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