On February 24, 2011, Banro Corporation (NYSE AMEX - "BAA"; TSX - "BAA") announced the closing of its underwritten private placement of 17,500,000 special warrants of the company for aggregate gross proceeds of $56,875,000. The offering was completed through a syndicate of investment dealers led by GMP Securities L.P. that included CIBC World Markets Inc., Cormark Securities Inc. and Raymond James Ltd.

On March 29, 2011, Banro announced that it had received a receipt or deemed receipt, as applicable, for its short form prospectus dated March 25, 2011 from each of the Ontario Securities Commission, the British Columbia Securities Commission and the Alberta Securities Commission. The prospectus qualifies for distribution, among other things, 17,500,000 common shares of Banro issuable upon exercise or deemed exercise of outstanding special warrants of Banro which were issued on February 24, 2011.

GMP Securities L.P. was advised in this transaction by Fasken Martineau with a team that included Georges Dubé, Martin Fisher-Haydis, Alex Nikolic, Laurie Turner and Francesco Tallarico (securities) and Mitchell Thaw (tax).