Private Placement Closed

April 22nd, 2002

Toronto, April 22, 2002 — Banro Corporation (the “Company”) (CDNX — YBE) announces that, further to its April 8, 2002 press release, it has closed a non-brokered arm’s length private placement of 100,000 units of the Company (the “Units”) at a price of $1.50 per Unit for proceeds to the Company of $150,000. Each Unit consists of one common share of the Company and one non-transferable warrant of the Company (a “Warrant”), each Warrant entitling the holder to purchase one common share of the Company at a price of $1.80 for a period of two years. Proceeds from the financing will be added to the Company’s working capital.

The common shares comprising part of the Units, and the common shares issuable upon exercise of the Warrants, are subject to a four month “hold period” under applicable securities regulation.

For further information, please contact:
Arnold T. Kondrat
Executive Vice President
Phone: (416) 366-2221
Fax: (416) 366-7722

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.