On May 20, 2010, Banro Corporation (NYSE AMEX - "BAA"; TSX - "BAA") announced that it had closed the issuance and sale of 67,100,000 common shares of the company for aggregate gross proceeds of $137,555,000. The offering was conducted through a syndicate of underwriters co-led by GMP Securities L.P. and CIBC World Markets Inc. The common shares issued under the offering include 6,100,000 common shares issued and sold pursuant to the over-allotment option, which was exercised in full by the underwriters.

The offering was made by way of a prospectus supplement dated May 12, 2010 to Banro's short form base shelf prospectus dated September 11, 2008 filed with securities regulatory authorities in all of the provinces of Canada (other than Quebec), and under the multi-jurisdictional disclosure system in the United States by way of a prospectus supplement dated May 12, 2010 to Banro's U.S. shelf registration statement and related prospectus filed with the U.S. 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.

The underwriters were advised in this transaction by Fasken Martineau with a team that included Georges Dubé, Martin Fisher-Haydis and Jeff Hergott (corporate/securities).