Banro announces financing plan, reaffirms production guidance

|About: Banro Corporation (BAA)|By:, SA News Editor

Banro (BAA +4%) says it it has developed a plan to stabilize its financial condition and secure the funds needed to achieve full production capacity at its Namoya mine.

BAA says the financing plan includes the closing of a $35.5M liquidity backstop facility with investment funds managed by Gramercy Funds, and the signing of a memorandum of understanding with a private gold group for a $41M gold forward sale and a $80M gold streaming transaction.

BAA also reaffirms production guidance for its Twangiza and Namoya gold properties, and FY 2014 total guidance.