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Banro Closes CDN$100,001,700 Financing

Friday, June 26th, 2009

Banro Corporation is pleased to announce that it has closed the issuance and sale of 43,479,000 common shares of the Company at a price of CDN$2.30 per share for aggregate gross proceeds of CDN$100,001,700 (the “Offering”).
The Offering was conducted through a syndicate of underwriters co-led by GMP Securities L.P. and CIBC World Markets Inc. (the “Underwriters”). Under the terms of the underwriting agreement, the Company has granted the Underwriters an over-allotment option to purchase up to an additional 6,521,000 common shares of the Company at a price of CDN$2.30 per share up to 30 days from the closing of the Offering.
The Company intends to use approximately CDN$75 million of the net proceeds of the Offering for advancing the Company’s gold projects in the Democratic Republic of the Congo, specifically on the Twangiza-Namoya Gold Belt. The Company intends to use the remaining net proceeds of the Offering, including proceeds from any exercise of the over-allotment option, for working capital and general corporate purposes.
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