Banro - unbekannt, aber mit Potential ( Seite 12)

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http://www.marketwatch.com/story/banro-increases-debt-offering-to-us175-million-2012-02-24

PRESS RELEASES 3/2/2012 10:47:51 AM | Marketwire News
Banro Closes US$175 Million Debt Financing and Provides Twangiza & Namoya Updates
March 2, 2012 - 10:47:51 AM TORONTO, ONTARIO--(Marketwire - March 2, 2012) - Banro Corporation ("Banro" or the "Company") (NYSE Amex:BAA)(TSX:BAA) is pleased to announce 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.

"The significant support for the offering demonstrates the greater acceptance of the Democratic Republic of the Congo and Banro as an attractive investment opportunity," commented CEO Simon Village. "During the course of the offering, the Company decided to take up an additional $50 million of debt given the attractive rates relative to the historic cost of capital for the Company, and our ability to service this debt with the revenue generated from the now-producing Twangiza gold mine. Not only will the proceeds underwrite the construction of our second gold mine, Namoya, but will also now allow the Company to intensify its exploration programmes across the core projects, as well as work toward the longer term hydro power option for the gold belt, which will allow the Company to exploit the full potential of the belt."

Within the broader mandate of expanding oxide resources along the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the "DRC"), Banro's 2012 business plan is built on three core objectives:



-- Achieve steady gold production at Twangiza by optimizing the mine, plant
and human capital performance to secure consistent production of 10,000
oz per month;

-- Increase the Company's already significant gold resources; and

-- Develop Namoya, the Company's second gold mine, using current cash flow
from the Twangiza operation and the debt funding to achieve an
annualised rate of gold production in excess of 200,000 oz per annum by
the end of 2013.