Banro Completes Offering

On May 10, 2006, Banro Corporation, a mineral resource exploration and development company developing gold projects in the Democratic Republic of Congo, completed a short-form prospectus offering, and on May 15, 2006, the underwriting syndicate exercised in full its over-allotment option in respect of the offering, resulting in the issuance by Banro of an aggregate of 4,276,000 common shares for gross proceeds of approximately $56 million. The underwriting syndicate was led by RBC Capital Markets, and included Raymond James Ltd. and MGI Securities Inc.
Banro was represented by Macleod Dixon LLP with a team that included Richard Lachcik and Geoffrey Farr (securities/mining), Jason Chertin (securities) and Michael Dolphin (corporate/commercial) in Toronto; and in the US by Gil Cornblum and Jeff Peterson (securities) and Gabe Gartner (tax) of Dorsey & Whitney LLP.
The underwriters were represented by Fasken Martineau DuMoulin LLP, with a team that included Al Gourley (global mining/securities) in London, UK; Robert Eberschlag (global mining/securities) and Martin Fisher-Haydis (US securities) in Toronto; and Dimitri Cavvadas (corporate) and Annelise Barradale (global mining/corporate) in Johannesburg, South Africa.


Robert W. Eberschlag Gabe Gartner Jason A. Chertin Richard J. Lachcik Gil I. Cornblum Geoffrey G. Farr Al Gourley Anne S. de Villars


Dorsey & Whitney LLP Fasken Martineau DuMoulin LLP