Key Developments: Banro Corp (BAA)
1.04USD
21 May 2013
$-0.03 (-2.80%)
$1.07
$1.06
$1.08
$1.03
161,375
742,917
$5.15
$0.95
Latest Key Developments (Source: Significant Developments)
Banro Corp Closes $100 Million Financing
Banro Corp announced the closing of its previously announced short form prospectus offering (the Offering) of Common Shares and gold-linked preferred Series A Shares, and its previously announced concurrent private placement of gold linked preferred Subco Shares and associated Series B Shares. The Offering consisted of 50,218,634 Common Shares priced at CAD1.35 per Common Share for gross aggregate proceeds of CAD67,795,156 and 116,000 Series A Shares priced at $25.00 per Series A Share for gross aggregate proceeds of $2,900,000. The Concurrent Offering consisted of 1,200,000 Subco Shares and associated Series B Shares priced at $25.00 per Subco Share and Series B Share for gross aggregate proceeds of $30,000,000. The Offering was conducted by a syndicate of agents led by GMP Securities L.P. and including BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Cormark Securities Inc. The net proceeds of the Offering and the Concurrent Offering are expected to be used for development costs of the Company's Namoya Project and for administrative and general expenses and working capital of the Company. Full Article
Banro Corp Announces Pricing Of Previously Announced Financing Plan
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. Full Article
Banro Corp Appoints Interim President And Chief Executive Officer
Banro Corp announced that Mr. Simon Village has stepped down from his roles as President and Chief Executive Officer of the Company effective immediately. The Company thanks Mr. Village for his years of service and wishes him well in his future endeavours. The board has appointed Dr. John Clarke to the role of Interim President and CEO and will conduct a search for a new President and CEO under the direction of the Company's chairman, Bernard van Rooyen. Full Article
Banro Corporation Closes USD175 Million Debt Financing
Banro Corporation announced that the closing of its US$175 million debt financing detailed in its press release dated February 24, 2012. This debt offering by the Company of 175,000 units consisted of US$175,000,000 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$1,000 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. 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. The net proceeds from the offering will be used for the development of the Company's Namoya project, repayment of an existing credit facility and general corporate purposes. Full Article
Banro Corporation Increases Debt Offering To $175 Million
Banro Corporation announced that, further to its February 6, 2012 press release, it intends to increase the size of its brokered private placement debt offering to gross proceeds of $175 million. This financing involves an offering by the Company of 175,000 units consisting of $175,000,000 aggregate principal amount of senior secured notes with an interest rate of 10% and a maturity date of March 1, 2017 and 8,400,000 warrants to purchase an aggregate of 8,400,000 common shares of the Company. Each such unit will consist of $1,000 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 $6.65 for a period of five years. The net proceeds from the offering will be used for the development of the Company's Namoya project, repayment of an existing credit facility and general corporate purposes. The offering is expected to close on or about March 2, 2012. Full Article
Banro Corporation Announces USD125 Million Debt Financing
Banro Corporation announced that it intends to proceed with a brokered private placement debt offering for gross proceeds of up to USD125 million. This financing will involve an offering of units, with each such unit to be comprised of USD1,000 principal amount of senior notes due 2017 and one warrant to purchase common shares in the capital of the Company. Details of the offering will be determined in the context of the market. The net proceeds from the offering will be used for the development of the Company's Namoya project and general corporate purposes. The offering is expected to close in late February 2012. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
