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Stock Market & Financial Investment News

News Breaks
June 19, 2014
05:23 EDTBAABanro Corporation receives recommendation by Glass Lewis
Banro Corporation announced that in its report issued on June 18, Glass Lewis recommended shareholders vote FOR all of management's director nominees on the company's BLUE proxy card and DO NOT VOTE on the green dissident proxy. In their report, Glass Lewis states that Banro has been "proactive in making positive governance changes," and cites the addition of four new independent directors and a new independent chairman within the past 12 months as reasons to support management's nominees. Likewise, Glass Lewis alludes to Liberty Street's failure to "put forth any sort of cogent operational and/or strategic plan to improve the company's performance" and their "miniscule equity stake" acquired after the Record Date as reasons NOT to vote on the green dissident proxy. Glass Lewis also notes that they "believe the company has made a number of positive operational moves in the past year that could enhance the overall outlook for the company and its shareholders." This is the second independent proxy advisory firm to announce their support for management, as Institutional Shareholder Services also recommended shareholders vote FOR Banro's nominees.
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October 15, 2014
10:03 EDTBAABanro Corporation progressing towards financing agreements with Gold Holding
Banro Corporation announced that, pursuant to the memorandum of understanding announced by Banro on August 18, it is progressing towards finalizing the definitive agreements with Gold Holding Ltd for the two gold sale transactions to raise $121M in financing for Banro, the first such transaction for $41M relating to the Twangiza mine and the second transaction for $80M relating to the Namoya mine. Banro and Gold Holding expect to sign the definitive agreement related to the Twangiza transaction in one week to 10 business days and to close this transaction within a month. Banro and Gold Holding also expect the Namoya transaction to close by mid-December, subject to finalizing the definitive agreements.

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