Go to the Globe and Mail homepage

Jump to main navigationJump to main content


Report on Business


Streetwise gives you news and analysis on Bay Street and the world of finance
available exclusively to subscribers of Globe Unlimited

Entry archive:

Banro taps gold fever Add to ...

African miner Banro Corp. caught a favourable wind on Wednesday, as the junior gold play rolled out a relatively large $125-million stock sale ahead of a rally in bullion.

Banro is developing four projects in the Democratic Republic of the Congo and has a market capitalization of just $245-million. Late Tuesday, the company launched an financing, marketing new shares overnight and setting the price of the offering prior to the start of North American trading on Wednesday.

Underwriters GMP Securities and CIBC World Markets worked the phones as the price of gold took off - it is currently testing new highs at $1,244 an ounce.

Banro ended up selling stock at $2.05 a share - a 6 per cent discount to Tuesday's close at $2.19 - and the stock rallied on Wednesday. Banro is the latest in a series of junior resource plays to raise money.

Report Typo/Error
  • Banro Corp
  • Updated July 20 11:22 AM EDT. Delayed by at least 15 minutes.

Next story




Most popular videos »

More from The Globe and Mail

Most popular