Banro announces financing

    TORONTO, Feb. 10 /CNW/ - Banro Corporation ("Banro" or the "Company")
(NYSE Alternext US - "BAA"; TSX - "BAA") announced today that it is proposing
to issue to a number of investors a total of up to 10,000,000 common shares of
the Company at a price of US$1.40 per share for gross proceeds of up to
US$14,000,000 (the "Offering").
    The Company intends to use the proceeds of the Offering to further
advance the Company's projects in the Democratic Republic of the Congo (the
"DRC") and for general corporate purposes. Closing of the Offering is expected
to occur on or about February 18, 2009 and is subject to certain conditions,
including the approval of the Toronto Stock Exchange and the NYSE Alternext
    The Offering, which is non-brokered, is being made under a second
prospectus supplement (the "Prospectus Supplement") to Banro's base shelf
prospectus dated September 11, 2008 (the "Shelf Prospectus"). The Company has
filed the Shelf Prospectus with certain Canadian securities regulatory
authorities and a registration statement (which includes the Shelf Prospectus)
with the United States Securities and Exchange Commission (the "SEC"), and
will file the Prospectus Supplement containing, among other things, additional
information about the Offering. These documents and other documents filed by
the Company and referred to therein are or will be available on the SEC
website at and on SEDAR at
    A copy of the Shelf Prospectus and, when filed, the Prospectus Supplement
may also be obtained from the Company at 1 First Canadian Place, 100 King
Street West, Suite 7070, Toronto, Ontario, M5X 1E3, Canada (Attention: Martin
Jones; telephone number - (416) 366-2221).

    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 DRC. 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: This press release contains forward-looking
statements. All statements, other than statements of historical fact, that
address activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future (including, without limitation,
statements regarding the completion of the Offering and the Company's
exploration and development plans) are forward-looking statements. These
forward-looking statements reflect the current expectations or beliefs of the
Company based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and uncertainties
that may cause the actual results of the Company to differ materially from
those discussed in the forward-looking statements, and even if such actual
results are realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ materially from
current expectations include, among other things, failure to complete the
Offering as a result of one of the closing conditions not being fulfilled,
uncertainties relating to the availability and costs of financing needed in
the future, failure to establish estimated mineral resources or estimated
mineral reserves, the possibility that future exploration results will not be
consistent with the Company's expectations, gold recoveries being less than
those indicated by the metallurgical testwork carried out to date (there can
be no assurance that gold recoveries in small scale laboratory tests will be
duplicated in large tests under on-site conditions or during production),
changes in world gold markets, changes in equity markets, political
developments in the DRC, fluctuations in currency exchange rates, inflation,
changes to regulations affecting the Company's activities, the uncertainties
involved in interpreting drilling results and other geological data and the
other risks disclosed under the heading "Risk Factors" and elsewhere in the
Company's annual information form dated March 28, 2008 filed on SEDAR at and EDGAR at Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.

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

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