Banro Corp. fka BAA

[Basque Trader]

Banro Closes US$67.5 Million Stream Financing

http://www.banro.com/news-events/news-releases/banro-closes-us675-million-stream-financing-20160216

Banro Corporation (“Banro” or the “Company”) (NYSE MKT:BAA)(TSX:BAA) announces that, further to its December 31, 2015 press release, it has closed US$67.5 million of its previously announced financing (the “Financing”), representing the gold streaming transaction relating to the Twangiza mine (the “Twangiza Transaction”) with RFW Banro Investments Limited (“RFWB”), a subsidiary of the Baiyin Stream Partnership I, LP, a mining investment fund managed by Resources FinanceWorks Limited. The Partnership is led by the Baiyin Nonferrous Group Co., Ltd., a strategic Chinese mining group based in Gansu, China.

The balance of the Financing previously announced, comprising a US$22.5 million term loan to be funded by RFWB and investment funds managed by Gramercy Funds Management LLC (“Gramercy”) and an US$8.75 million equity private placement to RFWB, is expected to close before the end of February 2016. The purchase by RFWB from Gramercy of US$40 million of the outstanding Banro senior secured notes issued by Banro on March 2, 2012 (the “Senior Notes”) and US$20 million of the outstanding preferred shares issued by subsidiaries of Banro on February 28, 2014, is also expected to close concurrently with the closing of the said term loan and equity private placement transactions.