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Banro Corp Announces Pricing Of Previously Announced Financing Plan


Friday, 12 Apr 2013 08:45am EDT 

Banro Corp announced that it has finalized the terms of previously announced short form prospectus offering of Common Shares and gold-linked preferred Series A Shares, together with the previously announced concurrent private placement of gold-linked preferred Subco Shares and associated Series B Shares. Common Shares will be offered under the prospectus at a price of CAD1.35 per Common Share to raise gross aggregate proceeds of CAD67,795,156 through the issuance of 50,218,634 Common Shares. Series A Shares will be offered under the prospectus at a price of USD25.00 per Series A Share to raise gross aggregate proceeds of USD2,900,000 through the issuance of 116,000 Series A Shares. Subco Shares and Series B Shares will be offered by way of a private placement at a price of USD25.00 per Subco Share and Series B Share to raise gross aggregate proceeds of USD30,000,000 through the issuance of 1,200,000 Subco Shares and Series B Shares. The Offering is being conducted by syndicate of agents led by GMP Securities L.P. and including BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Cormark Securities Inc., whereby Agents have been engaged to act as agents to sell Common Shares and Series A Shares on a efforts basis. The Offering and Concurrent Offering are expected to close on or about April 25, 2013. The net proceeds of the Offering and Concurrent Offering are expected to be used for development costs of Namoya Project and for administrative, general expenses, working capital. 

Company Quote

0.185
-0.0050 -2.63%
28 Jan 2015