RE:RE:All good news,nearly ready for lift off! TORONTO, ONTARIO--(Marketwired - Dec 31, 2015) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(BAA.TO) announces that it has signed definitive agreements with RFW (through its affiliate RFW Banro Investments Limited) and with funds managed by Gramercy Funds Management LLC ("Gramercy") for an equity private placement, a term loan facility, and a gold streaming transaction relating to the Twangiza mine, providing total gross proceeds to the Company of US$98.75 million. RFW manages the Baiyin Stream Partnership I, LP, a mining investment fund through which the investment will be made, and which is led by the Baiyin Nonferrous Group Co., Ltd. ("Baiyin"), a strategic Chinese mining group based in Gansu, China. The equity placement and gold streaming transaction are transacted solely with RFW, while the term loan will be funded by RFW and investment funds managed by Gramercy. Contingent on these transactions and in order to create alignment amongst the parties, RFW has also entered into a definitive agreement with Gramercy to purchase 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.
The closing of these transactions (the "Closing"), which is expected to occur in January 2016, is subject to conditions precedent customary for transactions of this nature, as well as certain necessary regulatory approvals, including the approval of the Toronto Stock Exchange for the private placement. ...