Banro Reports Strong Support From Shareholders for Management's Director Nominees at Upcoming Annual & Special Meeting on Jun...
June 23 2014 - 10:43AM
Marketwired
Banro Reports Strong Support From Shareholders for Management's
Director Nominees at Upcoming Annual and Special Meeting on June
27, 2014
Shareholders are asked to vote BLUE proxy before 4:00 p.m.
(Toronto time) on Wednesday, June 25, 2014
TORONTO, ONTARIO--(Marketwired - Jun 23, 2014) - Banro
Corporation ("Banro" or the "Company" or "we")
(NYSEMKT:BAA)(TSX:BAA) is encouraged to have received strong
support from shareholders as well as ISS and Glass Lewis
(independent international corporate governance analysis and proxy
voting firms) thus far, and asks shareholders that have yet to vote
to support management's director nominees to enable the current
Board to continue to build the Company and create value for
shareholders. Shareholders who have not yet voted should vote their
BLUE proxy
no later than 4:00 p.m.
(Toronto time) on Wednesday, June 25, 2014.
It is important that Banro shareholders understand:
- This dissident group, with only 1000 shares in their pocket
(non-voting since they were purchased after the record date), is
opportunistically trying to steal your company after the hard work
in building two mines has all been done and Banro has turned the
corner leading to full production,
- This dissident group is attempting to convince shareholders to
give them the power to potentially destroy what Banro has built
over the past 20 years,
- This dissident group is lacking a financial plan, lacking
operations expertise and lacking credibility,
- Various individuals in this dissident group have a string of
failed ventures, cease trade orders and a bankruptcy in their
recent past, as we have detailed in a previous press release.
It is also important that Banro shareholders understand:
- Banro, in conjunction with our larger shareholders, has been
working on strengthening our balance sheet, a process which has
been interrupted by this dissident attack,
- Banro's Namoya mine is in hot commissioning right now and
ramping up,
- Banro's Twangiza mine is reaping the benefits of the expansion
program carried out throughout 2013 and earlier in 2014,
- Banro's proposed board has credible mining experience, credible
gold mining experience globally and credible gold mining experience
in the DRC.
Banro reminds shareholders to support the Company's director
nominees at the upcoming meeting in order to put a stop to the
disruptive, opportunistic actions of the dissident, Liberty Street
Capital Corp. ("Liberty Street").
We have listened to our shareholders and in response, have made
great strides in our corporate governance, including undertaking a
rigorous board renewal process that resulted in the recent
appointment of three new independent directors and an independent
chairman. The two leading independent proxy advisory firms -
Institutional Shareholder Services Inc. and Glass, Lewis & Co.,
LLC - have recognized our commitment to improvement and have
recommended that shareholders vote FOR all of Banro's director
nominees on the BLUE proxy.
As you prepare to cast your vote, Banro urges you to not let the
dissidents threaten your investment and the Company's future. Do
not hand control of Banro to a group of opportunistic dissidents
with no defined strategy, limited experience and who own just 1,000
shares. We look forward to your support for Banro's director
nominees and urge you to vote only your BLUE proxy prior to the proxy
voting deadline of Wednesday, June 25, 2014 at 4:00 p.m. (Toronto
time).
We want to remind you of the key reasons you should vote for
Banro's director nominees:
- Banro has succeeded in building Twangiza, the first new
commercial gold mine in the Democratic Republic of the Congo ("the
DRC") in over 50 years, and is now commissioning its second mine,
Namoya, moving the company towards becoming a mid-tier gold
producer - all of this in one of the most challenging regions of
Africa and a declining commodity market.
- The Board and management remain focused on gold production from
the Twangiza and Namoya mines, with longer term objectives that
include the development of two additional major, wholly-owned gold
projects, Lugushwa and Kamituga.
- Banro is reaching a milestone in its history where it will be
able to reap the benefits afforded to a multi-mine company.
- The Board and management have engaged with shareholders and
responded to concerns by refreshing the Board, adding three new
independent directors over the past year: Richard Brissenden,
Matthys Terblanche and Derrick Weyrauch. The Board has also
appointed Richard Brissenden as Chairman to provide new and
independent leadership, established a fully independent Nominating
Committee and has had a number of incumbent directors resign from
outside directorships to devote even more time to Banro.
- The development and reorganization of our management team and
Board over the last year has provided Banro with a team of highly
qualified industry professionals with extensive gold experience as
well as a track record of successful operations and government
relationships in the DRC.
ATTENTION BANRO
SHAREHOLDERS
- Vote your BLUE
proxy today to ensure the Company stays on track -
We urge you - our valued shareholders - to protect your
investment and reject Liberty Street's attempt to take control of
your company.
Regardless of how many shares you own, your vote is important in
order to send a message to Liberty Street that you support the
current Board and the Company's bright future. It is crucial that
you vote your BLUE
proxy today. If you have already voted, you can still change your
vote, simply by voting your BLUE proxy today. Your later
dated BLUE proxy
will replace any prior dated green proxy you may have voted and
will count.
Your support is critical to delivering on our plans and we ask
you to support all resolutions at the meeting. If you have any
questions or need assistance in voting your proxy, please contact
our proxy solicitor, Kingsdale Shareholder Services.
For further information contact:
Kingsdale Shareholder Services; toll free in North America
(1-866-851-3214) or
call collect outside North America at 416-867-2272 or via
email: contactus@kingsdaleshareholder.com.
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 DRC. 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 Banro information, please visit www.banro.com, or
follow the Company on Twitter @banrocorp.
Cautionary Note
Concerning Forward-Looking Statements
This press release contains forward-looking statements. All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future (including,
without limitation, statements regarding estimates and/or
assumptions in respect of future gold production (including the
timing thereof), and the Company's development plans and
objectives) are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the
Company based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, among other things:
uncertainty of estimates of capital and operating costs, production
estimates and estimated economic return; the possibility that
actual circumstances will differ from the estimates and assumptions
used in the economic studies of the Company's projects; failure to
establish estimated mineral resources and mineral reserves (the
Company's mineral resource and mineral reserve figures are
estimates and no assurance can be given that the intended levels of
gold will be produced); fluctuations in gold prices and currency
exchange rates; inflation; gold recoveries being less than those
indicated by the metallurgical testwork carried out to date (there
can be no assurance that gold recoveries in small scale laboratory
tests will be duplicated in large tests under on-site conditions or
during production) or less than those expected following the
expansion of the Twangiza plant; uncertainties relating to the
availability and costs of financing needed in the future; changes
in equity markets; political developments in the DRC; lack of
infrastructure; failure to procure or maintain, or delays in
procuring or maintaining, permits and approvals; lack of
availability at a reasonable cost or at all, of plants, equipment
or labour; inability to attract and retain key management and
personnel; changes to regulations affecting the Company's
activities; the uncertainties involved in interpreting drilling
results and other geological data; and the other risks disclosed
under the heading "Risk Factors" and elsewhere in the Company's
annual information form dated March 29, 2014 filed on SEDAR at
www.sedar.com and EDGAR at www.sec.gov. Any forward-looking
statement speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent
uncertainty therein.
Banro CorporationNaomi NemethInvestor Relations+1 (416)
366-9189, +1-800-714-7938, Ext. 2802info@banro.comwww.banro.com
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