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Gold/Mining/Energy : Banro Resources ( BNRS-CDN)

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To: dvid who wrote (30)	4/2/1998 7:54:00 PM
From: Round Table	Read Replies (1) of 73

Banro Resource Corp - $10.5m special warrant financing Banro Resource Corp BNRS Shares issued 10920218 1998-04-01 close $6.875 Thursday Apr 2 1998 Mr A.T. Kondrat reports Banro has engaged Brenark Securities to act as its exclusive agent to sell, on a best efforts basis, up to 1,500,000 special warrants at $7.00. Maximum gross proceeds from the offering will be $10,500,000. Each special warrant is exercisable into one share at no additional cost. Banro has agreed to use its best efforts to file a prospectus qualifying the distribution of the common shares underlying the special warrants within 180 days following the closing of the offering. Brenark, in its capacity as agent, will form a soliciting dealer group to assist in the sales of the special warrants. Closing of this special warrant financing is expected to occur on or before April 16 1998. Net proceeds derived from the issue and sale of the special warrants will be used to finance a phase two exploration program and a pre-feasibility report for Banro's Twangiza gold project and to finance the phase one exploration program for Banro's Namoya gold project. cheers

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