Private Placement Completed
March 25th, 2002
Toronto, March 25, 2002 — Banro Corporation (the “Company”) (CDNX — YBE) announces that, further to its February 11, 2002 press release, it has closed a non-brokered arm’s length private placement of 500,000 common shares of the Company (the “Shares”) at a price of $1.30 per Share for proceeds to the Company of $650,000. Proceeds from this financing will be added to the Company’s working capital. The Shares are subject to (a) a four month “hold period” pursuant to the rules of the Canadian Venture Exchange, and (b) the resale rules of applicable securities legislation.
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.