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Banro Corp. (CNSX: BAA.PR.A) New Listing

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Banro Corporation Series A Preferred shares were the latest new listing on the Canadian National Stock Exchange, and trade under the symbol BAA.PR.A. The 116,000 gold-linked preferred shares were priced at $25 US and raised gross proceeds of $2.9 million US.

Additional Information:

Company: Banro Corp.
Website: http://www.banro.com/s/Home.asp
Stock Symbol: CNSX: BAA.PR.A
Date Published: Apr 29, 2013
Transcript: Available

Video Transcript:

I’m Ashleigh Willows for Investmentpitch.com

Banro Corporation Series A Preferred shares were the latest new listing on the Canadian National Stock Exchange, and trade under the symbol BAA.PR.A.

The 116,000 gold-linked preferred shares were priced at $25 US and raised gross proceeds of $2.9 million US.

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.

For more information, please visit www.banro.com, or contact Naomi Nemeth at 416-366-2221, or email info@banro.com.

I’m Ashleigh Willows for Investmentpitch.com
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This video is for information purposes only and it not a recommendation to buy or sell any securities.