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Congratulations too, looks better.
Then you are very similar.
Are you related?
For you too Sio!
Often remember that you warned me seriously and firmly.
I thank you again and wish you nice days and health and success.
YES
December 22, 2017
Banro announces support agreement for recapitalization transaction with key stakeholders, commences restructuring proceedings & receives order permitting interim financing of up to US$20 million
TORONTO, ONTARIO--(Marketwired - Dec. 22, 2017) - Banro Corporation ("Banro" or the "Company") (NYSE American:BAA)(TSX:BAA) announced today that the Company and its Barbados based subsidiaries have commenced restructuring proceedings under the Companies' Creditors Arrangement Act ("CCAA") pursuant to an initial order granted by the Ontario Superior Court of Justice (Commercial List) (the "Court") on December 22, 2017 (the "Initial Order"). Pursuant to the Initial Order, the Company has obtained protection from its creditors under the CCAA for an initial period expiring January 19, 2018, and approval of interim financing of up to US$20 million. The Company also announced that it has entered into a support agreement (the "Support Agreement") with major stakeholders representing in excess of 74% of claims for the support of a recapitalization plan (the "Recapitalization Plan") to be implemented by the end of March or mid-April 2018, in the event that a superior transaction is not identified and implemented under a CCAA court-approved sales and investment solicitation process (the "SISP") anticipated to commence on or around January 22, 2018.
The key features of the Recapitalization Plan pursuant to the Support Agreement include: (i) an exchange of certain parity lien debt, including the amounts owing under the US$197.5 million 10.00% secured notes due March 1, 2021, the Company's US$10 million dore loan and the US$20 million gold forward sale agreement for production at the Company's Namoya mine, for all of the equity of restructured Banro (subject to dilution on account of certain equity warrants to be issued as discussed below); (ii) consensual amendment of priority lien debt and streaming obligations held by Baiyin International Investment Ltd ("Baiyin") and Gramercy Funds Management LLC ("Gramercy") or related parties of those entities, including deferrals or partial forgiveness of certain obligations owing thereunder; (iii) compromising certain unsecured claims at Banro for nominal consideration; and (iv) a cancellation of all existing equity of Banro and any and all equity related claims. A copy of the Support Agreement (and detailed recapitalization term sheet) can be found on Banro's SEDAR profile.
All debt and other obligations of Banro within the Democratic Republic of the Congo (the "DRC") will be unaffected under the Recapitalization Plan. It is expected that the Company's operations in the DRC will continue in the ordinary course of business and that obligations to DRC lenders, employees and key suppliers of goods and services, both during the CCAA proceedings and after the reorganization is completed, will continue to be met on an ongoing basis. To enable the Company to maintain normal business operations, the Initial Order provides a stay of certain creditor claims and the exercise of contractual rights arising out of the CCAA process.
The Company also announced that, in order to provide additional liquidity for the Company's operations, the Company has agreed with certain affiliates of Baiyin and funds and accounts managed by Gramercy to continue to defer certain gold deliveries that would otherwise be due to Gramercy and such Baiyin affiliates (collectively, the "Gold Forward Deferrals") under gold purchase and sale agreements until June 30, 2019. The amounts deferred are estimated to provide US$30.9 million of liquidity relief to the Company through mid-2019. In addition, the gold streaming agreements between Banro, Gramercy and Baiyin will be amended to modify the terms (collectively, the "Gold Stream Forgiveness") to increase the proceeds to Banro from gold delivered under these agreements from US$150 per ounce to the then prevailing gold price for the first 200,000 ounces of production delivered at each mine from January 1, 2018 (equal to 22,000 ounces for Twangiza and 16,660 ounces for Namoya), in exchange for a maximum amount of 8% of the fully-diluted equity of reorganized Banro (depending on go-forward production levels and gold prices through the relevant period), effectively forgiving over an estimated US$42.5 million of obligatory deliveries through mid-2019, after which the proceeds to Banro from each delivery under the agreements will revert to US$150 per ounce. An additional amount of approximately US$8.9 million of stream deliveries previously deferred will be further deferred to late-2019. The Gold Forward Deferrals and Gold Stream Forgiveness will terminate if the CCAA proceedings terminate for any reason other than the implementation of the Recapitalization Plan.
The Company has also received commitments from Baiyin and Gramercy for up to US$20 million in interim financing to support its continued operations, which interim financing was approved by the Court in the Initial Order (the "DIP Facility"). Funding under the DIP Facility is subject to the satisfaction of a number of conditions precedent, including the receipt of approvals from the relevant subdivision of the Government of the People's Republic of China, which is also a condition precedent to effectiveness of the Support Agreement. Subject to the satisfaction of these conditions precedent, the DIP Facility is expected to be available to the Company by the third week of January 2018 to provide liquidity to support the Company's business during the CCAA proceedings.
Pursuant to the SISP process contemplated by the Support Agreement, if approved by the Court, interested parties will be given an opportunity to acquire the Company (i) for cash proceeds equal to the outstanding amount of the DIP Facility, the priority debt, 75% of the affected parity lien debt of Banro, and cash consideration sufficient to repay all amounts due under the stream agreements or treatment of the stream agreements on the same terms as the Recapitalization Plan, or (ii) on other terms superior to the Recapitalization Plan.
FTI Consulting Canada Inc. has been appointed Monitor (the "Monitor") of the Company for the CCAA proceedings. While under CCAA protection, management of the Company will remain responsible for the day-to-day operations of the Company under the general oversight of the Monitor and supervision of the Court. At this time, there are no intended changes to the management team or the composition of the Board of Directors of the Company and the Company anticipates that such individuals will continue in their respective roles throughout the CCAA process.
A copy of the Support Agreement and Initial Order will be made available and details relating to this case may be accessed on the Monitor's website at http://cfcanada.fticonsulting.com/banro. The Monitor has also established the following information hotline related to enquiries regarding the CCAA process, at 416-649-8131 or 1-888-425-0980.
Further news releases will be provided on an ongoing basis throughout the CCAA process as may be determined necessary.
I think EGO is perfect. 1.00 - $1.25 all day long. They just need one, itty bitty, slice of good news/fortune. Should be an easy double. That's a bagger!!
I agree, thanks
Sorry can not help you. I do not care.
But the volume and the last day's movements are strange.
You're right. But I do not have time to research this thing right now.
good luck
Hi John
I first saw BAA in the spring of 2015. I bought 150 T with 15 cents. Purchased, between 15 and 30 cents. Until I had about 320T. At 46 cents, I sold a third. The rest in the fall.
I was too slow with the last third.
So I have 8T profit remained, from originally 80T, at the time where it rose to 47 cents.
Was very stupid of me.
I will realize high profits in the future.
I also bought a good amount at EGO.
We will see what is being played with this stock.
Thanks for the tips.
Good that you have a good price for ego.
I will explain my BAA profit if I have more time.
See you, thank you
and good luck
Let's wait, if so fortunate. Average price could be better, if I had more discipline. Unfortunately not, I'm sure I sell too soon.
BAA I sold too late after 2 years of patience. From 80 T I have 8 T profit left. Goro is from $ 1 to $ 8, so I sold everything between 3 and 5.
I choose well, buy good quantities, but acting is too emotional.
Let's see if I learn.
I prefer 3 USD. My average price is 1.29
Kpisme
Only 2 cents remained from the 200% increase.
You should rather sell at the highs and then buy back cheaper.
That would be good for you.
Banro, or BAA also falls without gold falling.
She has the epilepsy.
She can not drop much anymore, then she's down to zero.
Thank you very much for sharing your information.
Incidentally, I agree with the answer from StockitOut.
Thanks again and good luck.
Always the same o o ld story, to blame the shorts. Do you actually read the company news at some point?
You have always predicted an increase.
BAA has only fallen.
Thanks, I already posted this.
It was a joke .
You can read this.
BAA_Up Thursday, 11/30/17 05:05:50 PM
Re: kpisme post# 63137
Post #
63157 of 63164 Go
Thanks, agree 100 %, very well explained
Only Pump and Dump is these posts - ZERO PROOF - just empty LIES
The post attempt to Dump it down so the Short can win.
....................................................................
So the whole company is short? ??????????????????????????????????????
Banro Provides Corporate Update
TORONTO, ONTARIO -- (Marketwired) -- 11/13/17 -- Banro Corporation ("Banro" or the "Company") (NYSE American:BAA)(NYSE MKT:BAA)(TSX:BAA) announced today that it continues to face significant ongoing, operational and financial challenges including short and long term liquidity constraints. The Company's ability to continue operations in the normal course of business is dependent on several factors, including securing funding for operations and to meet upcoming debt servicing and working capital requirements. In addition, mining operations at the Company's Namoya mine in Maniema Province of the Democratic Republic of the Congo ("DRC") continue to be suspended due to the ongoing closure of road access to the mine site. Please refer to the Company's press release of September 25, 2017.
In the event the Company is unsuccessful in addressing these ongoing operational and financial challenges, it may become unable to meet its non-DRC financial obligations as they become due.
As previously announced, the Board of Directors of the Company (the "Board") established a special committee comprised of independent directors (the "Committee") to identify and make recommendations to the Board concerning financing and other strategic options (including the restructuring or refinancing of existing obligations).
The Committee has advised the Board that, based in part on the opinion of its financial advisor, it has concluded that there is no reasonable prospect that a successful capital raise (whether debt, equity or a combination) could be completed at the current time at a level sufficient to refinance the Company's existing indebtedness and to address its working capital requirements. Consequently, there is substantial doubt as to the Company's ability to continue as a going concern.
The Committee reported that it is in discussions with the Company's major stakeholders concerning the possible restructuring of the Company's non-DRC debt obligations as well as the provision of financing to support the Company's ongoing operations in the DRC. There is significant risk that any restructuring of the Company's non-DRC debt obligations may result in significant impairment to the value of the equity holders' interests in the Company.
The Company continues to take all steps necessary to ensure the continuity of its operations in the DRC.
Due to the significant uncertainty surrounding the Company's ability to continue as a going concern, the Company will not be in a position to release its interim unaudited condensed consolidated financial statements and related management's discussion and analysis for the period ended September 30, 2017.
.........................................................................
Some did profit taking but will return for even more.
For even more loss?
chrislal
Good idea. I'm curious what you experience. After all my efforts, when I was still long, I am very interested.
Thank you and good luck
It's just red for you and less green.
People are different. Some very different.
Long Bancro
Ref. crislal
I would also like to read how to treat you there.
Probably like me with, my many mails.
Friendly. They will tell you that they can not say anything yet.
thanks for posting the rules here
Hi! Take the advice of Stockitout.
He is honest and has been following the company for a long time.
SHORT lies!
kpisme Wednesday, 11/29/17 12:52:38 PM
Re: MazelTov post# 63109
SHORT lies!
Thank you. I try the best. It annoys me when more people lose their money. BAA can be daytraden, but, currently. not to invest.
No news about Namoya, closed for over 2 months.
Financing problems. In the Congo still no prospects for reassurance.
You have to speak clearly as long as fantasizers here encourage people to buy.
Trading stop in Canada, and abnormal volume at BAA.
Kpisme your post? The sheep is hollowing BAA today.... Go lottery...
So BAA is also a lottery for you? Now?
On the BAA Board is it an investment?
I also think that the movement is good.
I increased my position at 1.19
Double/Triple in two days while halted and no cash.
Today only a narrow doubling is left.
Despite your hints, many are still excited when BAA rises to 30 cents.
As strange to me as the trade itself.
Ummmmm....baa should be $5 when gold is $1600,...
July -August 2016, Gold at 1380.
September 2017, gold at 1350.
Look where BAA was. Not even half a dollar in recent years.
And there were much better political conditions in the Congo.
You really think that Banro rises to $ 5 at $ 1,600 Golprice? Despite the high debt and all adverse circumstances? congratulations
You are welcome. Good decision. Good luck again
'chrislal'
Thanks for your answer and your explanations.
I do not advise you to compensate with Banro.
If I have a good idea, I will write it to you.
Sorry for your loss, my first answer was a bit sarcastic.
wish you luck
P.S. If I trade BAA then only short sale
Ref: kpisme
'chrislal'
Do not you watch your investment?
There was enough time before the trading halt, for an average down.
Otherwise a tip. Open a foreign account to trade BAA.
But hurry.
He did not mention the year.
'trade free'
A strange game is played.
Do not give a prognosis.
As shorter one should act in the current daily business.
At Banro it is good to close the position at the end of the day. Long and short.
As shorter with 0,30 you can now cover. After hours 0.19
The Smart People are getting IN.
good advice at 0.30. After a hysterical increase of almost 200%.
Now you can operate average down.
Really smart
SUN was Shining Bright yesterday, for longs at 0,10
today for shorters at 30 cents
OH Poor SHORTY can't find any action.
replace shorty with longs, and I agree
and somebody has sold 1 million for this lousy price
You can be right. I do not see a good end for BAA owners.
But maybe I am wrong.
.................................................. ...........................................
I can not say anything reliable about the rules.
They are too complicated and too different. They differ in different states
often . There are also industries that are treated differently.
There are also breaks in different circumstances.
For general learning I can recommend you this link.
https://www.cliffsnotes.com/study-guides/accounting/accounting-principles-i
Thank you for your answers. All the best
For today I have to end, you will hear from me again.
P.S. Bearing in mind that BAA is still being traded.
And the company is still listed and subject to certain rules.
Banros management has now proven that they have become abnormal bunglers.
Even though they reported the third quarter production figures, can not the company publish the financial results?
This has nothing to do with the financial emergency.
With this they have crowned the barrel with their miserable behavior.
SIO
If I see the decay of this stock, BAA, then I'll be grateful to you twice.
I am grateful for the fact that I have sold a part at 46 cents, today 4.6 USD.
I owe it to you only that I sold the rest on the way down.
I was suspicious. But you have recognized the gravity of the situation faster.
If I had kept all 320T shares I would have been relieved many thousands of dollars today.
I have invested the remaining profit of BAA in other mines.
With one, I am slightly in the red area.
With the second very good in the green.
Thanks again for your warning.
You supported me in the research and the analysis of BAA very well.