Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will allow the holder to purchase a Banro common share for U.S.$2.20 per share until September 17, 2011. The common shares and warrants are listed for trading on the AMEX and the TSX.

The offering was completed through a syndicate of underwriters led by RBC Capital Markets and including CIBC World Markets Inc., UBS Securities Canada Inc. and Raymond James Ltd. The underwriters have been granted an option, exercisable until October 17, 2008, to purchase up to an additional 1,000,000 common shares and 500,000 warrants to cover over-allotments and for market stabilization purposes.

The Company intends to use the net proceeds from the offering to fund the development of the Twangiza, Namoya and Lugushwa properties and for general and administrative expenses of the Company. -- www.cnxmarketlink.com