Can someone offer an analysis of today's release?
SHARE PURCHASE WARRANTS EXERCISED FOR $1,540,000.
Toronto, March 31, 1998 - Banro Resource Corporation reports that
pursuant to a private placement completed on March 27, 1996, 220,000
share purchase warrants were issued allowing the holder to purchase up
to 220,000 Banro treasury shares at $7.00 per share for a period of two
years, ending March 27, 1998.
The Company is pleased to advise that all 220,000 of these share
purchase warrants have been exercised resulting in net proceeds of
$1,540,000.
Negotiations are continuing with several investment dealers for
additional financing. The Company anticipates an agreement will be
formalized shortly.
Banro Resource Corporation is a gold exploration and development company
with 47 mining concessions encompassing an area of 10,271 square
kilometers in the Democratic Republic of The Congo. Banro's common
stock is quoted on the Canadian Dealing Network (CDN), under the symbol
"BNRS". The Company has 13,671,218 common shares issued and
outstanding.
For further information on Banro, please visit our Web Site at
banro.com or contact:
A.T. Kondrat Michael Nikiforuk Cliff Jones
Co-Chairman Vice-President, Director Investor Relations
Phone: (416) 366-2221
Fax: (416) 366-7722
>From outside Toronto, call toll-free: 1-800-714-7938
Doug |
