Banro announces financing plan, reaffirms production guidance

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.

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Comments (2)
  • distressed investor
    , contributor
    Comments (2) | Send Message
    Seems like the most important disclosure in the release is the appointment of a new CFO with significant public gold company experience; that additional financial sophistication is what will be needed as these guys transition from an exploration and development company to an operating company
    18 Aug 2014, 04:31 PM Reply Like
  • distressed investor
    , contributor
    Comments (2) | Send Message
    new CFO should help a lot, seems to have the operating company experience that a company in transition like Banro needs!
    18 Aug 2014, 04:32 PM Reply Like
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