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TORONTO, March 9, 2018 /CNW/ - Banro Corporation ("Banro" or the "Company") and its Barbados-based subsidiaries (collectively, the "Companies" and together with the subsidiaries in the Democratic Republic of the Congo (the "DRC"), the "Banro Group") are pleased to announce the approval of the Companies' Amended Consolidated Plan of Compromise and Reorganization (the "Recapitalization Plan") by the secured creditors (the "Affected Secured Creditors") and the unsecured creditors (the "Affected Banro Unsecured Creditors", and together with the Affected Secured Creditors, the "Affected Creditors") affected by the previously announced comprehensive restructuring transaction (the "Restructuring Transaction"). The resolution (the "Plan Resolution") approving the Recapitalization Plan pursuant to the Companies' Creditors Arrangement Act (the "CCAA") was approved by 96.154% of Affected Secured Creditors and 96.296% of Affected Banro Unsecured Creditors in number, who represent 91.112% and 91.114% respectively in value of the eligible voting claims who were present and voted in person or by proxy on the Plan Resolution at the Creditors' Meetings, in accordance with the order granted by the Ontario Superior Court of Justice (Commercial List) (the "Court") on February 1, 2018, authorizing meetings of creditors of the Companies for the purposes of voting on the Recapitalization Plan.
Banro Corporation is a Canadian gold mining company focused on production from the Twangiza and Namoya mines, which began commercial production in September 2012 and January 2016 respectively. The Company's longer-term objectives include the development of two additional major, wholly-owned gold projects, Lugushwa and Kamituga. The four projects, each of which has a mining license, are located along the 210 kilometres long Twangiza-Namoya gold belt in the South Kivu and Maniema Provinces of the Democratic Republic of the Congo. All business activities are followed in a socially and environmentally responsible manner. This press release contains forward-looking statements.
TORONTO, Feb. 1, 2018 /CNW/ - Banro Corporation ("Banro") and its Barbados based subsidiaries (collectively, the "Companies") announced today their consolidated plan of compromise and reorganization (the "Plan") has been accepted for filing by the Ontario Superior Court of Justice (Commercial List) (the "Court") in connection with the Companies' restructuring proceedings under the Companies' Creditors Arrangement Act (the "CCAA"). This filing marks a major milestone in the Court-supervised restructuring process under the CCAA to restructure the Companies' business.
Banro Announces Court Approval of Sale and Investment Solicitation Process, Availability under DIP Facility and Extension of Stay under Restructuring Proceedings
TSX - "BAA") announced today that the Company and its Barbados based subsidiaries have obtained approval from the Ontario Superior Court of Justice (Commercial List) to commence a sales and investment solicitation process (the "SISP") in the context of its proceedings under the Companies' Creditors Arrangement Act ("CCAA"). Banro also announced that certain significant conditions precedent to the effectiveness of the previously approved US$20 million interim financing facility (the "DIP Facility") have been satisfied and the DIP Facility is expected to be available to the Company sometime during the week ending January 27, 2018 to support its continuing operations during the CCAA proceedings. The Company also announced that it has obtained an extension of the stay of proceedings in the CCAA proceedings to March 30, 2018.
TORONTO , Jan. 10, 2018 /CNW/ - Banro Corporation ("Banro" or the "Company") (NYSE American - "BAA"; TSX - "BAA") announces operating results for the fourth quarter ...
Banro Corporation reports that mining operations at the Company's Namoya mine have recommenced, as a result of the reestablishment of the road access to the mine. The Company is grateful for the support ...
TSX - "BAA") announces that the Company has received notice that the Continued Listings Committee of the Toronto Stock Exchange (the "TSX") has determined to delist the Company's common shares from the TSX effective at the close of market on January 22, 2018. The Company does not intend to appeal the decision. The Company's common shares remain suspended from trading on the TSX due to the cease trade order issued by the Ontario Securities Commission on November 20, 2017. The Company also announces that it has received notice that NYSE Regulation has determined to commence proceedings pursuant to Section 1003(a)(iv) of the NYSE American Company Guide to delist the Company's common shares from NYSE American.
Banro Corporation announced today that the Company and its Barbados based subsidiaries have commenced restructuring proceedings under the Companies' Creditors Arrangement Act pursuant to an initial order ...
TORONTO , Dec. 1, 2017 /PRNewswire/ - Banro Corporation (" Banro " or the " Company ") (NYSE American - "BAA"; TSX - "BAA") announced today that in accordance with ...
While small-cap stocks, such as Banro Corporation (TSX:BAA) with its market cap of CAD CA$16.48M, are popular for their explosive growth, investors should also be aware of their balance sheetRead More...
Toronto, Ontario--(Newsfile Corp. - November 21, 2017) - The following issues have been halted by IIROC: Company: Banro Corporation TSX Symbol: BAA (all issues) ...
Banro Corporation announced today that it continues to face significant ongoing, operational and financial challenges including short and long term liquidity constraints. The Company's ability to continue ...
Banro Corporation reports that as a result of the closure of road access to the Company's Namoya mine in Maniema Province of the Democratic Republic of the Congo , mining operations at the Namoya mine ...
On a per-share basis, the Toronto-based company said it had a loss of 23 cents. The Canadian gold mining company posted revenue of $41.9 million in the period. The company's shares closed at 30 cents. ...