Banro Completes $137.6M Public Offering

On May 20, 2010, Banro Corporation, a Canadian-based gold exploration company, completed a common share financing raising $137,555,000 by way of public offerings in Canada and the United States. The offering was conducted by a syndicate of underwriters co-led by GMP Securities L.P. and CIBC World Markets Inc. The common shares were offered in Canada by way of a prospectus supplement to the company's shelf prospectus dated September 11, 2008, and in the United States by way of a shelf prospectus supplement to the company's shelf registration statement and related prospectus filed with the United States Securities and Exchange Commission on September 11, 2008. The common shares were also offered on a private placement basis in certain jurisdictions outside of Canada and the United States.

Banro was represented in Canada by the Toronto office of Macleod Dixon LLP. The Macleod Dixon team was led by Richard Lachcik (securities) and included Geoffrey Farr and Janet Wong (securities) and Edward Heakes (tax). Dorsey & Whitney LLP acted as Banro's United States counsel with a team that included Christopher Barry, Daniel Miller, Jodie Kaufman and Fanny Renault (corporate) and John Hollinrake and Greg Perry (tax).

The underwriters were represented by Fasken Martineau DuMoulin LLP with a team that was led by Georges Dubé and included Jeff Hergott, Daye Kaba and Paul Braczek (securities) and Mitchell Thaw (tax). Weil, Gotshal & Manges LLP acted as United States counsel to the underwriting syndicate with a team that included Rod Miller (capital markets), Oliver DeGeest (corporate) and William Horton and Pilar Santillan (tax).


Edward A. Heakes Georges Dubé Daniel M. Miller Jeff Hergott Geoffrey G. Farr Daye Kaba Rod Miller Mitchell L. Thaw Janet L. Wong Richard J. Lachcik Paul Braczek


Dorsey & Whitney LLP Fasken Martineau DuMoulin LLP Weil, Gotshal & Manges LLP