On June 25, 2009, Banro Corporation (NYSE AMEX LLC: BAA; TSX: BAA) announced that it had closed its previously announced overnight marketed offering of common shares effected by way of a prospectus supplement. A total of 43,479,000 common shares were distributed in connection with the offering at a price of $2.30 per common share for aggregate gross proceeds to the company of $100,001,700.

The offering was conducted through a syndicate of underwriters co-led by GMP Securities L.P. and CIBC World Markets Inc. Banro granted the underwriters an over-allotment option to purchase additional common shares in an amount up to 15% of the number of common shares sold pursuant to the offering, exercisable at any time up to 30 days from the closing of the offering.

Banro intends to use the net proceeds of the offering for advancing its gold projects in the Democratic Republic of Congo and for working capital and general corporate purposes.

The common shares were offered by way of a prospectus supplement to Banro's short form base shelf prospectus dated September 11, 2008 in all of the provinces of Canada (other than Quebec) and in the United States by way of a shelf prospectus supplement to the company's U.S. shelf registration statement and related prospectus filed with the United States Securities and Exchange Commission on September 11, 2008. The common shares were also offered on a private placement basis in certain jurisdictions outside of Canada and the United States pursuant to applicable prospectus exemptions.

The underwriting syndicate was represented by Fasken Martineau with a team that included Georges Dubé, John Sabetti, Daye Kaba and Jeff Hergott (securities) and Mitchell Thaw (tax).