Banro announces exercise of over-allotment option



    TORONTO, Sept. 23 /CNW/ - Banro Corporation ("Banro" or the "Company")
(AMEX - "BAA"; TSX - "BAA") is pleased to announce that RBC Capital Markets,
on behalf of itself, CIBC World Markets Inc., UBS Securities Canada Inc. and
Raymond James Ltd. (collectively the "Underwriters"), has given notice to the
Company that the Underwriters wish to exercise their over-allotment option to
acquire 1,000,000 additional common shares of the Company at a price of
U.S.$1.60 per common share and 500,000 additional warrants of the Company at a
price of U.S.$0.30 per warrant, for gross proceeds to the Company of
U.S.$1,750,000. Each warrant will allow the holder to purchase a Banro common
share for U.S.$2.20 per share until September 17, 2011. The over-allotment
option was granted to the Underwriters by the Company to cover over-allotments
under the terms of the Company's public financing completed on September 17,
2008 and the exercise of the option will bring the total gross proceeds raised
from the offering to U.S.$21,000,000. The common shares and warrants are
listed for trading on the AMEX and the TSX.
    The sale of the over-allotment units is scheduled to close on or about
September 26, 2008.
    The Company intends to use the net proceeds of the financing to fund the
development of the Twangiza, Namoya and Lugushwa properties and for general
and administrative expenses of the Company.
    A copy of the final prospectus filed in connection with the offering may
be obtained in Canada from RBC Capital Markets Attention: Distribution Centre,
277 Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (fax: 416-313-6066), or
in the U.S. from RBC Capital Markets Corporation, Attention: Prospectus
Department, Three World Financial Center, 200 Vesey Street, 8th floor, New
York, NY 10281-8098.

    Banro is a Canadian-based gold exploration company focused on the
development of four major, wholly-owned gold projects, each with mining
licenses, along the 210 kilometre-long Twangiza-Namoya gold belt in the South
Kivu and Maniema provinces of the Democratic Republic of the Congo. Led by a
proven management team with extensive gold and African experience, Banro's
strategy is to unlock shareholder value by increasing and developing its
significant gold assets in a socially and environmentally responsible manner.

    Forward Looking Statements: Statements in this press release announcing
the anticipated use of proceeds from the financing are forward-looking
statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws (collectively, "forward-looking
statements"). Forward-looking statements are statements that are not
historical facts and that are subject to a variety of risks and uncertainties
which could cause actual events or results to differ materially from those
reflected in the forward-looking statements, including the need to satisfy
regulatory and legal requirements with respect to the proposed over-allotment
closing; risks related to the exploration stage of the Company's projects;
market fluctuations in prices for securities of exploration stage companies;
uncertainties about the availability of additional financing; uncertainties
related to fluctuations in gold prices; the possibility that Banro may change
its plans with respect to one or more projects; and other risks and
uncertainties described in the Company's prospectus and registration statement
prepared in connection with the offering, in its Annual Report on Form 40-F
and Reports on Form 6-K filed with or furnished to the U.S. Securities and
Exchange Commission and in its annual information form dated March 28, 2008
and filed on SEDAR. Although the Company believes the expectations reflected
in the forward-looking statements are reasonable, results may vary, and the
Company cannot guarantee future results, levels of activity, performance or
achievements.





For further information:

For further information: Mike Prinsloo, President and C.E.O., South
Africa, Tel: + 27 (0) 11 958-2885; Arnold T. Kondrat, Executive
Vice-President, Toronto, Ontario, or Martin Jones, Vice-President, Corporate
Development, Toronto, Ontario, Tel: (416) 366-2221 or 1-800-714-7938

Organization Profile

BANRO CORPORATION

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