UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2015.
Commission File Number 001-32399
BANRO CORPORATION
(Translation of registrants name into English)
1 First Canadian Place
100 King Street West, Suite
7070
Toronto, Ontario, Canada
M5X
1E3
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F
Form 20-F |
[X] |
Form 40-F |
[ ] |
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Note: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an attached
annual report to security holders.
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrants home country), or under the
rules of the home country exchange on which the registrants securities are
traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrants security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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BANRO CORPORATION |
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/s/
Kevin Jennings |
Date: September 21, 2015 |
Kevin Jennings |
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Chief Financial Officer |
-2-
INDEX TO EXHIBITS
-3-
Banro Reports High Grade Drill Results
at Namoya
and Provides Corporate Update
|
Drilling at Namoya intersects significant
mineralization including 16.00 metres grading 5.35 g/t Au, 15.00
metres grading 5.00 g/t Au and 24.00 metres grading 2.77 g/t Au |
|
Banro closes US$16 million in financing
consisting of a gold forward sale to provide working capital for
Namoya ramp up, and a local bank refinance |
Toronto, Canada September 18, 2015 Banro Corporation
("Banro" or the "Company") (NYSE MKT - "BAA"; TSX - "BAA") is pleased to
announce the intersection of significant mineralization from on-going near mine
exploration activities at its wholly-owned Namoya project, located on the
Twangiza-Namoya gold belt in the Maniema Province of the Democratic Republic of
the Congo (the DRC).
The near mine exploration at Namoya encompasses follow-up work
in the Namoya Summit-Filon B area, the hanging-wall zone at Namoya Summit and
around the Seketi deposit. The objective is to identify new resources and
increase the geological confidence surrounding certain low confidence resources
to enhance the medium to long term economics of the Namoya mine.
Banro undertook shallow depth Reverse Circulation (RC)
drilling at its Namoya Summit footwall zone which borders the Filon B area
further south (refer to the Locality Map referenced below). The program was
planned to follow up surface mineralization delineated previously on surface
exposures and trenches at the Namoya Summit-Filon B target. A total of 18 RC
holes were completed which successfully intersected significant mineralization
in the northwestern part of the 200 metre strike mineralization zone.
The significant mineralization intersections from the program
include the following:
|
Hole NSRC067 intersected 16.00 metres
grading 5.35 g/t Au from 24.00 metres |
|
Hole NSRC068 intersected 19.00 metres
grading 1.51 g/t Au from 7.00 metres |
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Hole NSRC069 intersected 24.00 metres
grading 2.77 g/t Au from 22.00 metres |
|
Hole NSRC071 intersected 12.00
metres grading 2.30 g/t Au from 3.00 metres and 7.00 metres grading
1.59 g/t Au from 17.00 metres |
|
Hole NSRC072 intersected 12.00 metres
grading 1.5 g/t Au from 3.00 metres |
|
Hole NSRC073 intersected 7.00 metres grading
1.39 g/t Au from 0.00 metres |
|
Hole NSRC074 intersected 7.00 metres grading
3.05 g/t Au from 0.00 metres |
|
Hole NSRC074B intersected 4.00 metres
grading 3.41 g/t Au from 1.00 metres |
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Hole NSRC075 intersected 4.00 metres grading
4.85 g/t Au from 0.00 metres |
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Hole NSRC077 intersected 15.00 metres
grading 5.00 g/t Au from 27.00 metres |
|
Hole NSRC078 intersected 17.00 metres
grading 2.17 g/t Au from 16.00 metres
|
2
Commenting on the drilling results at Namoya, John Clarke,
President and CEO of the Company, said: We are pleased with the positive
results from the ongoing near mine exploration at Namoya. These results have
confirmed our previous interpretation of potential zones of mineralization in
the footwall of the Namoya Summit, which is open-ended to the northwest. We will
use the new information to reclassify the Namoya Summit resources while
continuing with deeper drilling into the central part of the Filon B
mineralization. In line with our near mine exploration strategy, we look forward
to testing additional targets in the hanging wall of the Namoya Summit deposit
and at Seketi where follow-up work has already generated surface targets for
drilling.
Results from the RC holes are tabulated in a table which can be
accessed on the Company's website at
http://www.banro.com/i/pdf/Namoya-Drillholes-intercepts.pdf.
A Locality Map of the reported drill holes can be found on the
Company's website at http://www.banro.com/i/pdf/Namoya_PR_Location_Map.pdf.
The shallow depth RC drilling program was undertaken using an
in-house Discovery rig. A total of 18 RC holes averaging 45 metres were
completed for a total of 763 metres to generate 775 RC samples. Drilling was
oriented towards the southwest at 225º and to the south at 180º with drill hole
inclinations ranging between 60º-65º. It is estimated that the true widths of
the mineralized zones are approximately 85% of the intersected widths in the
holes. Drill holes were planned in fences ranging between 20 and 40 metres,
along the entire 200 metre footwall zone.
All RC samples for assaying were taken consistently at one
metre intervals and were riffle split with one-half of the sample placed in
sealed bags and sent to the Company's on-site sample preparation facility. The
samples were then pulverized down to 90% passing 75 microns. Approximately 150
grams of the pulverized sample was then sent to the on-site SGS Laboratory
(which is independent of the Company) where the samples were analyzed for gold
by fire assay using a 50g charge. As part of the Company's QA/QC procedures,
internationally recognized standards, duplicates and blanks were inserted into
the sample batches.
The footwall mineralization zone at Namoya Summit has a near
surface expression of more than 200 metres along a northwest southeast strike,
measured from the junction with Filon B in the south west (see the Locality Map
referenced above). The zone is known to have a moderate to steep dip to the
northeast, with an average width of between 5 and 25 metres. The zone is hosted
in altered sericite schist and exhibit typical pinch and swell nature along
strike and down dip. It is associated with significant quartz veins and
veinlets, and iron oxides in boxworks presumably from the oxidation of
sulphides. Based on the results received in the recently completed program, a
south easterly plunge to mineralization is inferred, which explains the paucity
of mineralization intersections in the holes drilled in the south eastern
end.
Qualified Person
The drilling results disclosed in
this press release have been reviewed, verified (including sampling, analytical
and test data) and compiled by the Company's geological staff based in Bukavu,
DRC, under the supervision of Daniel K. Bansah, who is a Member and Chartered
Professional of The Australasian Institute of Mining and Metallurgy
(MAusIMM(CP)), the Company's Head of Projects and Operations, and a "qualified
person" (as such term is defined in National Instrument 43-101). Mr. Bansah has
reviewed and approved this press release.
3
Corporate Update
Banro also announces that it has closed two financings totaling
US$16 million, comprised of a US$9 million loan facility with a DRC bank and a
US$7 million gold forward sale transaction.
The loan facility represents a new facility with an existing
lender, Banque Commerciale du Congo (BCDC), following repayments of the
previous US$10 million credit facility with BCDC as well as repayments of other
existing facilities with DRC banks. The loan facility is for a term of 22
months, bears interest of 9.5% per annum and is repayable over 19 months
starting in January 2016.
The purchaser under the US$7 million gold forward sale
transaction is funded by investment funds managed by Gramercy Funds Management
LLC (Gramercy). The proceeds from this transaction, which was structured in a
manner similar to the gold forward sale transactions entered into with Gramercy
earlier this year, are intended to allow for the increase in operational working
capital at both Namoya and Twangiza ahead of the onset of the rainy season, in
order to secure production activities and the continued ramp-up of Namoya.
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
Companys 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.
All business activities are followed in a socially and environmentally
responsible manner.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the "SEC")
permits U.S. mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally extract or
produce. Certain terms are used by the Company, such as "Measured", "Indicated",
and "Inferred" "Resources", that the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC. U.S.
Investors are urged to consider closely the disclosure in the Company's Form
20-F Registration Statement, File No. 001-32399, which may be secured from the
Company, or from the SEC's website at http://www.sec.gov/edgar.shtml.
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), the anticipated effect of the
financing transactions on the Companys operations and financial condition,
mineral resource and mineral reserve estimates, potential mineral resources and
mineral reserves and the Companys production, development and exploration 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 of the Companys projects;
the possibility that actual circumstances will differ from the estimates and
assumptions used in the economic studies of the Companys projects; failure to
establish estimated mineral resources and mineral reserves (the Companys
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);
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 report on Form 20-F dated April 6, 2015 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.
4
For further information, please visit our website at
www.banro.com, or contact:
Martin Jones
+1 (416) 366-2221, Ext.
3213
+1-800-714-7938, Ext. 3213
info@banro.com
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