Banro Closes US$100 Million Financing

Banro Closes US$100 Million Financing 
TORONTO, ONTARIO -- (Marketwired) -- 04/25/13 -- Banro Corporation
("Banro" or the "Company") (TSX:BAA)(NYSE MKT:BAA)(NYSE Amex:BAA) is
pleased to announce the closing of its previously announced short
form prospectus offering (the "Offering") of Common Shares and
gold-linked preferred Series A Shares, and its previously announced
concurrent private placement (the "Concurrent Offering") of gold
linked preferred Subco Shares and associated Series B Shares. 
The Offering consisted of 50,218,634 Common Shares priced at C$1.35
per Common Share for gross aggregate proceeds of C$67,795,156 and
116,000 Series A Shares priced at US$25.00 per Series A Share for
gross aggregate proceeds of US$2,900,000. The Concurrent Offering
consisted of 1,200,000 Subco Shares and associated Series B Shares
priced at US$25.00 per Subco Share and Series B Share for gross
aggregate proceeds of US$30,000,000.  
The Offering was conducted by a syndicate of agents. 
Banro has granted the Agents an over-allotment option, exercisable in
whole or in part for a period of 30 days following the closing of the
Offering, to purchase up to an additional 7.5% of the aggregate
number of Common Shares issued under the Offering at a price of
C$1.35 per Common Share. 
The net proceeds of the Offering and the Concurrent Offering are
expected to be used for development costs of the Company's Namoya
Project and for administrative and general expenses and working
capital of the Company.  
These securities have not been registered under the United States
Securities Act of 1933, as amended, or any state securities law, and
they may not be offered or sold in the United States unless an
exemption from registration is available. This press release does not
constitute an offer to sell, or the solicitation of an offer to buy,
these securities in the United States. 
The defined terms in this press release have the same meaning
ascribed to them in the Company's final prospectus dated April 15,
2013. 
Banro Corporation is a Canadian gold mining company focused on
production from the Twangiza oxide mine and development of three
additional 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 Democratic Republic of
the Congo (the "DRC"). Led by a proven management team with extensive
gold and African experience, Banro's plans include the construction
of its second gold mine at Namoya, at the south end of this gold
belt, as well as the development of two other projects, Lugushwa and
Kamituga, in the central portion of the belt. The initial focus of
the Company is on oxides, which have a low capital intensity to
develop but also attract a lower technical and financial risk to the
Company as the Company develops this prospective gold belt. All
business activities are followed in a socially and environmentally
responsible manner. 
For further information, please visit our website at www.banro.com. 
Cautionary Note Concerning 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 relating to the completion of the construction
of the mine at Namoya and the Company's plans and objectives) 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:
uncertainty of estimates of capital and operating costs, production
estimates and estimated economic return; the possibility that actual
circumstances will differ from the estimates and assumptions used in
the economic studies of the Company's projects; failure to establish
estimated mineral resources and mineral reserves (the Company's
mineral resource and mineral reserve figures are estimates and no
assurance can be given that the intended levels of gold will be
produced); fluctuations in gold prices and currency exchange rates;
inflation; 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) or less than those expected following the expansion of
the Twangiza plant; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets;
political developments in the DRC; lack of infrastructure; failure to
procure or maintain, or delays in procuring or maintaining, permits
and approvals; lack of availability at a reasonable cost or at all,
of plants, equipment or labour; inability to attract and retain key
management and personnel; 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 26, 2013 filed on SEDAR
at www.sedar.com. 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.
Contacts:
Banro Corporation
Naomi Nemeth
Investor Relations
+1 (416) 366-9189 or +1-800-714-7938, Ext. 2802
info@banro.com
www.banro.com