Banro Corporation completes US$175 million debt financing

Lawyers Richard J. Lachcik, Jennifer I. Armstrong, Janet L. Wong , Andrew Fleming, Michael R. Moher, Matthew Lippa, Edward A. Heakes

On March 2, 2012, Banro Corporation (“Banro” or the “Company”) closed its US$175 million debt offering of 175,000 units consisting of US$175 million aggregate principal amount of senior secured notes with an interest rate of 10% and a maturity date of March 1, 2017 (the “Notes”), and 8,400,000 warrants (the “Warrants”) to purchase an aggregate of 8,400,000 common shares of the Company, representing dilution of 3.8% on a fully-diluted basis. Each such unit consisted of US$1000 principal amount of Notes and 48 Warrants, with each Warrant entitling the holder to purchase one common share of the Company at a price of US$6.65 for a period of five years.

Banro is a Canadian gold mining company focused on production from its Twangiza oxide mine and development of four additional major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo.

The offering was conducted by a syndicate of investment dealers comprising GMP Securities and BMO Capital Markets (as co-lead managers and co-book-runners) and CIBC World Markets Inc., Cormark Securities Inc. and Dundee Securities Ltd., as co-managers.

Banro was represented by Norton Rose Canada LLP, with a team that included Richard Lachcik, Jennifer Armstrong and Janet Wong (securities - Toronto), Andrew Fleming, Mike Moher and Matthew Lippa (corporate and banking - Toronto) and Ed Heakes (tax - Toronto).