Press release from Newsfile Corp
Banro Corporation Lists Gold-Linked Preferred Shares on Canadian National Stock Exchange – Video Summary on InvestmentPitch.com
Monday, April 29, 2013
Banro Corporation Lists Gold-Linked Preferred Shares on Canadian National Stock Exchange – Video Summary on InvestmentPitch.com17:09 EDT Monday, April 29, 2013
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2013) - Banro Corporation (CNSX: BAA.PR.A) lists gold-linked preferred shares on Canadian National Stock Exchange.
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The 116,000 gold-linked preferred shares were priced at $25 US and raised gross proceeds of US$2.9 million. They were issued as part of a short form prospectus, which also included 50.2 million common shares priced at $1.35 Canadian, which raised gross proceeds of $67.8 million Canadian. The common share offering also has an over-allotment option for an additional 3.8 million shares.
Banro's previously issued common shares trade on the Toronto Stock Exchange and the NYSE AMEX under the symbol BAA.
The offering was conducted by a syndicate of agents, led by GMP Securities, including BMO Nesbitt Burns, CIBC World Markets, and Cormark Securities.
These unique gold-linked preferred shares will have their dividend tied to the company's monthly gold production. The annual dividend yield will range from 10% if the monthly gold production is 8,000 ounces or less, to a high of 15% if the monthly gold production exceeds 17,000 ounces.
Banro is a Canadian gold company with production from its first gold project, Twangiza, which is located in the Democratic Republic of the Congo. Banro is also focused on the development of its second open pit project and is undertaking exploration on two further fully permitted and licensed projects. All Banro's current projects lie along the 210 kilometre long Twangiza-Namoya gold belt.
Banro's Twangiza oxide mine began production in October 2011 and is projected to produce approximately 100,000 ounces of gold per year with plant modifications increasing production in 2013 and 2014. Banro has identified 10.18 million ounces of Measured and Indicated Resources, plus Inferred Resources of 7.01 million ounces along this highly-prospective gold belt.
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Barry Morgan, CFO