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40% drop in NG in 2 months WTF
Good post!
I'll read it again thanks.
That would be nice! Thanks
20 red day's in a row? WTF
Yes we both have taken a beating with this one. Don't know why i keep coming back to it.
Sounds good it was in the $2.20 a month ago.
Got some $1.17 and not going to average down. Should of stayed away from this POS, oh well looking for some sort of bounce.
18 day's in a row down. WTF
Glad you like it! GLTA
Go to the adblock.org web site and down adblocker ABP makes ihub work a lot better. GLTA
Yes i should have bailed yesterday. UWTI and UGAZ were good to me last spring but not so good after that. Holding 15k shares see what happens next week. GLTU
If it get's to .90 cents then they take it up again?
Bought some $1.17 yesterday and thought it was a decent entry? When is this TURD going to head north again?
Haven't read this yet.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Banro Corporation
(Name of Issuer)
Common shares, no par value
(Title of Class of Securities)
066800103
(CUSIP Number)
December 31, 2015
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
__________
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No.
066800103
1.
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Gramercy Funds Management LLC
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [_]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5.
SOLE VOTING POWER
0
6.
SHARED VOTING POWER
8,294,250 common shares
63,000,000 common shares issuable upon exchange of preferred shares1
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
8,294,250 common shares
63,000,000 common shares issuable upon exchange of preferred shares1
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,294,250 common shares
63,000,000 common shares issuable upon exchange of preferred shares1
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
19.9%1
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO, IA
1 On December 31, 2015, the reporting persons had beneficial ownership of 8,294,250 common shares (the "Common Shares") of the issuer and 63,000,000 preferred shares (the "Preferred Shares") of the issuer. The right to exchange the Preferred Shares is subject to a 19.9% ownership limit, such that the reporting persons cannot effect the exchange of the Preferred Shares to the extent that the issuance pursuant to such exchange would result in the reporting persons collectively holding 19.9% or more of the number of issued and outstanding Common Shares. Rows 6, 8 and 9 show the number of Common Shares that would be issuable upon the exchange of the Preferred Shares, and Row 11 shows the percentage, giving effect to such ownership limit.
CUSIP No.
066800103
1.
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Robert Koenigsberger
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [_]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5.
SOLE VOTING POWER
0
6.
SHARED VOTING POWER
8,294,250 common shares
63,000,000 common shares issuable upon exchange of preferred shares2
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
8,294,250 common shares
63,000,000 common shares issuable upon exchange of preferred shares2
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,294,250 common shares
63,000,000 common shares issuable upon exchange of preferred shares2
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
19.9%2
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC
2 On December 31, 2015, the reporting persons had beneficial ownership of 8,294,250 common shares (the "Common Shares") of the issuer and 63,000,000 preferred shares (the "Preferred Shares") of the issuer. The right to exchange the Preferred Shares is subject to a 19.9% ownership limit, such that the reporting persons cannot effect the exchange of the Preferred Shares to the extent that the issuance pursuant to such exchange would result in the reporting persons collectively holding 19.9% or more of the number of issued and outstanding Common Shares. Rows 6, 8 and 9 show the number of Common Shares that would be issuable upon the exchange of the Preferred Shares, and Row 11 shows the percentage, giving effect to such ownership limit.
CUSIP No.
066800103
Item 1.
(a).
Name of Issuer:
Banro Corporation
(b).
Address of issuer's principal executive offices:
1 First Canadian Place
100 King Street West, Suite 7070
Toronto, Ontario, Canada
M5X 1E3
Item 2.
(a).
Name of person filing:
Gramercy Funds Management LLC
Robert Koenigsberger
(b).
Address or principal business office or, if none, residence:
Gramercy Funds Management LLC
20 Dayton Avenue
Greenwich, Connecticut 06830
Robert Koenigsberger
c/o Gramercy Funds Management LLC
20 Dayton Avenue
Greenwich, Connecticut 06830
(c).
Citizenship:
Gramercy Funds Management LLC – Delaware limited liability company
Robert Koenigsberger – United States of America
(d).
Title of class of securities:
Common shares, no par value
(e).
CUSIP No.:
066800103
Item 3.
If This Statement is filed pursuant to §§.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is a
(a)
[_]
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b)
[_]
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c)
[_]
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d)
[_]
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e)
[X]
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
[_]
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
[X]
A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
(h)
[_]
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);
(i)
[_]
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
[_]
A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);
(k)
[_]
Group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:
Item 4.
Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a)
Amount beneficially owned:
Gramercy Funds Management LLC – 8,294,250 common shares and 63,000,000 common shares issuable upon exchange of preferred shares3
Robert Koenigsberger – 8,294,250 common shares and 63,000,000 common shares issuable upon exchange of preferred shares3
(b)
Percent of class:
Gramercy Funds Management LLC – 19.9%
Robert Koenigsberger – 19.9%
(c)
Number of shares as to which Gramercy Funds Management LLC has:
(i)
Sole power to vote or to direct the vote
0
,
(ii)
Shared power to vote or to direct the vote
8,294,250 common shares
(63,000,000 common shares issuable upon exchange of preferred shares)3
,
(iii)
Sole power to dispose or to direct the disposition of
0
,
(iv)
Shared power to dispose or to direct the disposition of
8,294,250 common shares
(63,000,000 common shares issuable upon exchange of preferred shares)3
.
Number of shares as to which Robert Koenigsberger has:
(i)
Sole power to vote or to direct the vote
0
,
(ii)
Shared power to vote or to direct the vote
8,294,250 common shares
(63,000,000 common shares issuable upon exchange of preferred shares)3
,
(iii)
Sole power to dispose or to direct the disposition of
0
,
(iv)
Shared power to dispose or to direct the disposition of
8,294,250 common shares
(63,000,000 common shares issuable upon exchange of preferred shares)3
.
Item 5.
Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [__].
N/A
Item 6.
Ownership of More Than Five Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are owned by advisory clients of Gramercy Funds Management LLC, none of which directly owns more than 5% of the outstanding shares.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company or control person has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
N/A
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
N/A
Item 10.
Certification.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
3 Please see the note on the cover page for this reporting person.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: February 12, 2016
Gramercy Funds Management LLC
By: /s/ Robert Lanava
Name: Robert Lanava
Title: Partner
/s/ Robert Koenigsberger
Robert Koenigsberger
The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.
Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See s.240.13d-7 for other parties for whom copies are to be sent.
Attention. Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).
Exhibit 1
Joint Filing Statement
Statement Pursuant to Rule 13d-1(k)(1)
The undersigned hereby consent and agree to file a joint statement on Schedule 13G under the Securities Exchange Act of 1934, as amended, with respect to the common shares, no par value, of Banro Corporation beneficially owned by them, together with any or all amendments thereto, when and if appropriate. The parties hereto further consent and agree to file this Statement pursuant to Rule 13d-1(k)(1)(iii) as an exhibit to Schedule 13G, thereby incorporating the same into such Schedule 13G.
Dated: February 12, 2016
Gramercy Funds Management LLC
By: /s/ Robert Lanava
Name: Robert Lanava
Title: Partner
/s/ Robert Koenigsberger
Robert Koenigsberger
Didn't you already post this earlier today??? Thanks for the heads up. LOL
Will keep holding long BAA! GLTA
You would think that BAA would be higher here without any news, just with the increase in the price of gold.
I think the Saudis have f*cked themselves we will see.
7 red days in a row tomorrow going to be #8 ?
What's this the 7th red day in a row? geezzz
Coming up on 200m shares traded.
Completely Agree.
Buy Sell Hold ?
I completely agree about our infrastructure and being independent this should have been done along time ago. The US shouldn't be dependent on any other country.
Which way are we headed tomorrow? Anybody Thoughts.
Looking through yr history it speaks for its self. Isn't .16 cents a little high for your taste?
Agreed and been waiting for this for a while now.
If this go's to the OTC I'm out of here for sure maybe sooner.
Bio plays good luck. Reverse splits are the kiss of death.
Ultimately I'm a penny guy WTF are you kidding me? You don't even own the stock. If this POS mentions a reverse split I'm out of here. Go BAA GLTA
It would be nice if BAA could do something like this.
McEwen Mining Regains Compliance With NYSE Listing Standards
TORONTO, Feb. 02, 2016
(GLOBE NEWSWIRE)
-- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce receipt of notification from the New York Stock Exchange (the “NYSE”) that it has regained compliance with the NYSE’s continued listing standards regarding the minimum price of its common stock.
Chief Owner, Rob McEwen, stated: “This is wonderful news and it highlights our strong operational performance in 2015, where we increased our gold/silver production, decreased our production cost/oz., generated free cash flow and steadily built our treasury over the year. Also, during the year we declared and paid our first ever semi-annual capital distribution. Our share price appreciation since July, 2015 reflects the value in exercising financial discipline and resisting the temptation to finance at the bottom of the market. We refused to give away our future upside. We have not and will not sell metal streams, sell royalties or hedge our future production. At this time, we are debt free, we have $33 million in cash and bullion. As you can see, we have no pressure on our balance sheet and we will be paying our second capital distribution on February 12th. This is a great way to start 2016.”
Stay strong Cork you are in our prayers.
Sweet! Have a good weekend.
I guess your previous post answers my question. GLTA!
Still holding your 10k shares ?
Nice post. Go BAA!!!