Banro closes $13,000,000 private placement
October 14 2005 - 9:00AM
PR Newswire (US)
TORONTO, Oct. 14 /PRNewswire-FirstCall/ -- Banro Corporation
("Banro" or the "Company") (AMEX - "BAA"; TSX Venture Exchange -
"BAA") is pleased to announce that it has completed its previously
announced non-brokered private placement of 2,000,000 common shares
of the Company (the "Shares") at a price of Cdn$6.50 per Share for
total proceeds to the Company of Cdn$13,000,000. The purchasers of
the Shares were an investment fund managed by Actis Capital LLP and
an investment fund co-managed by Actis Capital LLP and Cordiant
Capital Inc. The proceeds from this financing will be used to
accelerate the pace of exploration on the Company's four
wholly-owned gold projects in the Democratic Republic of the Congo
(the "DRC"). The Shares are subject to a four month "hold period"
and the resale rules of applicable securities legislation. The
securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or any applicable
exemption from the registration requirements. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the securities in any
state in which such offer, solicitation or sale would be unlawful.
Banro is a Canadian-based gold exploration company focused on the
development of four major, wholly-owned gold projects 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, Banro's strategy is to
unlock shareholder value by increasing and developing its
significant gold assets in a socially and environmentally
responsible manner. Forward-Looking Statements: This press release
contains forward-looking statements that are based on the Company's
current expectations and estimates. Forward-looking statements are
frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other
similar words or statements that certain events or conditions "may"
or "will" occur, and include, without limitation, statements
regarding potential mineralization and resources, exploration
results and future plans and objectives of the Company. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ materially from estimated or anticipated events
or results implied or expressed in such forward-looking statements.
Factors that could cause such differences include changes in world
gold markets and equity markets, political developments in the DRC,
changes to regulations affecting the Company's activities,
uncertainties relating to the availability and costs of financing
needed in the future, the uncertainties involved in interpreting
drilling results and other ecological data and the other risks
involved in the gold exploration and development industry. 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. 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 TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
DATASOURCE: Banro Corporation CONTACT: please visit our website at
http://www.banro.com/; Peter Cowley, President and C.E.O., United
Kingdom, Tel: (44) 790-454-0856; Arnold T. Kondrat, Executive
Vice-President, Toronto, Ontario, or Martin Jones, Vice-President,
Corporate Development, Toronto, Ontario, Tel: (416) 366-2221 or
1-800-714-7938
Copyright