Banro (BAA) Plans to Issue 10M Common Shares at $1.40/Share

February 10, 2009 4:26 PM EST

Banro Corporation (NYSE: BAA) announced today that it is proposing to issue to a number of investors a total of up to 10,000,000 common shares of the Company at a price of $1.40 per share for gross proceeds of up to $14,000,000.

The Company intends to use the proceeds of the Offering to further advance the Company's projects in the Democratic Republic of the Congo (the "DRC") and for general corporate purposes.

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