Key Developments: Banro Corp (BAA.TO)

BAA.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Banro Corp declare dividends payable on Series A preference shares
Thursday, 12 Mar 2015 09:06pm EDT 

Banro Corp:Declares a dividend payable of US$0.57 per Banro Series A Share.Payable on March 23 to holders of record of Banro Series A Shares on March 19.  Full Article

Banro Foundation signs agreement with multilateral and DRC Government-Funded Agency for construction of 13 new schools and hospital in Eastern Congo
Thursday, 6 Nov 2014 08:00am EST 

Banro Corp:To report on the 2014 achievements of the Banro Foundation, registered charity in Democratic Republic of the Congo (the DRC), which invests in education, health care and social infrastructure development.Two initiatives in particular represent wholly new departures by Foundation in tackling the challenges of development in the eastern DRC.Owing to success of the Banro Foundation in building social infrastructure projects in eastern DRC, the Banro Foundation has been engaged by the Central Bureau of Coordination (BCECO), an executive agency created by Congolese Government and World Bank.To build 13 schools and one hospital in Maniema Province, DRC.The agency has agreed to pay the Foundation total of $2.85 mln to cover all costs of construction.Banro Foundation plans to reinvest margins generated through this agreement in new programs for the Congolese communities where it has operations or offices.The agreement with the BCECO represents one of several partnerships with NGOs and agencies which the Banro Foundation has forged in recent years to promote development.  Full Article

Banro Corp and Gold Holding sign definitive agreement for $41 mln gold sale transaction
Tuesday, 4 Nov 2014 08:00am EST 

Banro Corp:Signs definitive agreement with Gold Holding Ltd for the $41 mln gold sale transaction relating to the Twangiza mine.This transaction, which is expected to close within the next few weeks, involves the prepayment by Gold Holding of $41 mln for purchase of 40,500 ounces of gold (amended from 40,000 ounces of gold) from the Twangiza mine, with the gold deliverable over four years, at 10,125 ounces per year.Contemplated $80 mln gold sale transaction with Gold Holding relating to the Namoya mine, as referred to in Banro's Oct. 15, 2014 and Aug. 18, 2014 press releases, is anticipated to close before the end of this calendar year subject to finalizing the definitive agreement with Gold Holding.  Full Article

Banro and Gold Holding advance toward definitive agreements for banro's $121 mln financing
Wednesday, 15 Oct 2014 10:01am EDT 

Banro Corp:Says that, pursuant to the memorandum of understanding announced by Banro on Aug. 18, it is progressing towards finalizing the definitive agreements with Gold Holding Ltd for the two gold sale transactions to raise $121 mln in financing for Banro.First such transaction for $41 mln relating to the Twangiza mine and the second transaction for $80 mln relating to the Namoya mine.Banro and Gold Holding expect to sign the definitive agreement related to the Twangiza transaction in one week to 10 business days and to close this transaction within a month.Banro and Gold Holding also expect the Namoya transaction to close by mid-Dec. 2014, subject to finalizing the definitive agreements.  Full Article

Banro Corp announces Financing Plan and new CFO
Monday, 18 Aug 2014 03:46pm EDT 

Banro Corp:Develops comprehensive financing plan to stabilize financial condition of company and secure funds required to achieve full production capacity at Namoya mine.The financing plan includes closing of a $35.5 mln liquidity backstop facility with investment funds managed by Gramercy Funds Management LLC.Also signs memorandum of understanding with private gold group.Banro has signed non-binding MOU with private gold group (buyer) for two gold sale transactions, one for $41 mln relating to Twangiza mine and second for $80 mln relating to Namoya mine.Twangiza transaction contemplates prepayment by Buyer of $41 mln for its purchase of 40,000 ounces of gold from Twangiza mine, with gold deliverable over four years, at 10,000 ounces per year.Under both Twangiza and Namoya arrangements, it is contemplated that Buyer will have option to purchase additional 10 pct of gold produced at spot prices.Namoya gold streaming arrangement may be terminated at any time upon payment to the Buyer of a one-time termination amount that would result in Buyer receiving an amount equal to IRR of 15 pct on the Deposit.Appoints Kevin Jennings as Senior Vice President and Chief Financial Officer effective Sept. 01.Also effective Sept. 01, Donat Madilo, currently Chief Financial Officer, will be appointed to the role of Senior Vice President, Commercial and DRC Affairs.  Full Article

Banro and Banro Group (Barbados) Ltd declare dividends payable on Series a preference shares of Banro and preferred shares of Banro Group (Barbados) Limited
Thursday, 19 Jun 2014 10:56pm EDT 

Banro Corp:Says board of Banro and Banro Group (Barbados) Ltd has authorized and declared a dividend payable of $0.57 per Banro Series A Share and Barbados Preferred Share.Record date June 26.Payment date June 30.  Full Article

Banro Corp provides corporate update
Monday, 2 Jun 2014 03:12pm EDT 

Banro Corp:Announces the appointment of Richard Brissenden to the role of Chairman of the Board.  Full Article

Banro Corp declare dividends payable on series A preference shares
Wednesday, 19 Mar 2014 09:45pm EDT 

Banro Corp:Declared a dividend payable of $0.56 per Banro Series A Share and Barbados Preferred Share.The dividend payable on March 27, 2014 and will be paid on March 31, 2014.  Full Article

Banro Corp announces $40 mln financing
Wednesday, 12 Feb 2014 07:00am EST 

Banro Corp:Says that it intends to raise $40 million through the issue of convertible preferred shares by way of a non-brokered private placement.Says it has received a non-binding commitment from Gramercy Funds Management LLC to subscribe for the full amount of the Private Placement, although certain other investors may participate for up to $15 million of the Private Placement.Says net proceeds of the Private Placement are expected to be used for general corporate purposes, including to repay certain bank loans.  Full Article

Banro Corp declares dividend on preferred share
Monday, 16 Dec 2013 04:50pm EST 

Banro Corp:Declares a dividend payable of $0.58 per Banro Series A Share and Barbados Preferred Share.Says dividend is payable to holders of record of Banro Series A Shares and Barbados Preferred Shares on Dec. 27 and will be paid on Dec. 31.  Full Article

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