Banro (BAA-T, BAA-X) announced the closing of financing that will see roughly 4 million common shares issued at a price of $12.80 per share for total gross proceeds of just over $50.2 million.
RBC Capital Markets was the lead manager amongst two other underwriters, and all three can buy up to 451,000 additional common shares for $12.80 per share for up to 30 days after closing.
Banro says the proceeds will finance exploration and development its Twangiza, Lugushwa, Namoya and Kamituga gold projects in the Democratic Republic of the Congo, and for general corporate purposes.
In Toronto on May 4, the company’s shares were up 15 to $13.80 on roughly 160,000 shares traded.
The Toronto-based company is a junior gold exploration company focused on the development of four major, wholly-owned gold projects along the 210 km long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC.
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