TORONTO, Dec. 27, 2017 /PRNewswire/ - Banro
Corporation ("Banro" or the "Company") (NYSE American
- "BAA"; TSX - "BAA") announces that the Company has received
notice that the Continued Listings Committee of the Toronto Stock
Exchange (the "TSX") has determined to delist the Company's common
shares from the TSX effective at the close of market on
January 22, 2018. The Company
does not intend to appeal the decision. The Company's common
shares remain suspended from trading on the TSX due to the cease
trade order issued by the Ontario Securities Commission on
November 20, 2017.
The Company also announces that it has received notice that NYSE
Regulation has determined to commence proceedings pursuant to
Section 1003(a)(iv) of the NYSE American Company Guide to delist
the Company's common shares from NYSE American. In reaching its
delisting determination, NYSE Regulation noted the uncertainty as
to the timing and outcome of the restructuring proceedings
commenced by the Company and its Barbados based subsidiaries under the
Companies' Creditors Arrangement Act ("CCAA") as well as the
ultimate effect of this process on the value of the Company's
common shares. Trading of the Company's common shares on NYSE
American was suspended on December 22,
2017 and such suspension remains in
effect.
Banro Corporation is a Canadian gold mining company
focused on production from the Twangiza and Namoya mines, which
began commercial production in September
2012 and January 2016
respectively. 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 kilometres
long Twangiza-Namoya gold belt in the South Kivu and Maniema
Provinces of the Democratic Republic of
the Congo (the "DRC"). All business activities are
followed in a socially and environmentally responsible manner.
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 the CCAA proceedings, the restructuring process
and the ability of the Company to meet its obligations, the
ability of the Company to implement financing or other appropriate
strategic transactions as part of the ongoing process, the
Company's liquidity and ability to meet payment obligations and the
timing of meeting such payment obligations, the Company's
intentions for the future of its business operations and long-term
strategy, and the Company's commitment to its employees and
suppliers) 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 the possibility that the Company will be unable to
implement the restructuring. In addition,
actual results or events could differ materially from current
expectations due to instability in the eastern DRC
where the Company's mines are located; political developments in
the DRC; uncertainties relating to the availability and
costs of financing or other appropriate strategic
transactions; uncertainty of estimates of capital and
operating costs, production estimates and estimated economic return
of the Company's projects; 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
expected; changes in capital markets; 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 report on Form
20-F dated April 2, 2017 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. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary note.
SOURCE Banro Corporation