Banro closes US$14 million financing

    TORONTO, Feb. 19 /CNW/ - Banro Corporation ("Banro" or the "Company")
(NYSE Alternext US - "BAA"; TSX - "BAA") is pleased to announce that it has
closed the issuance and sale of 10,000,000 common shares of the Company at a
price of US$1.40 per share for gross proceeds of US$14,000,000 (the
    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.
    The Offering, which was non-brokered, was 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 and the Prospectus Supplement with certain Canadian
securities regulatory authorities. The Company has also filed a registration
statement (which includes the Shelf Prospectus) and the Prospectus Supplement
with the United States Securities and Exchange Commission (the "SEC"). These
documents and other documents filed by the Company and referred to therein are
available on the SEC website at and on SEDAR at
    A copy of the Shelf Prospectus and 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 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,
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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