On September 17, 2008, Banro Corporation (AMEX - "BAA"; TSX - "BAA") announced that it had closed its previously announced public offering of 11,000,000 units at a price of US$1.75 per unit for gross proceeds of US$19,250,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will allow the holder to purchase a Banro common share for US$2.20 per share until September 17, 2011. The common shares and warrants are listed for trading on the AMEX and the TSX. The offering was completed through a syndicate of underwriters led by RBC Capital Markets and including CIBC World Markets Inc., UBS Securities Canada Inc. and Raymond James Ltd. On September 26, 2008, the underwriters exercised an option to purchase additional common shares and warrants bringing the total gross proceeds raised from the offering to US$21,000,000. Banro intends to use the net proceeds from the offering to fund the development of the Twangiza, Namoya and Lugushwa properties and for general and administrative expenses. The underwriters were advised in this transaction by Al Gourley, Dimitri Cavvadas, Aaron Atkinson, Brad Freelan and Tina Chun of Fasken Martineau.