Private Placement Completed

May 21st, 2002

Toronto, May 21, 2002 — Banro Corporation (the “Company”) (TSX Venture — YBE) announces that, further to its May 2, 2002 press release, it has closed a non-brokered arm’s length private placement of 1,000,000 common shares of the Company (the “Shares”) at a price of $3.65 per Share for proceeds to the Company of $3,650,000. Proceeds from this financing will be added to the Company’s working capital. 750,000 of the Shares are subject to a 12 month “hold period” under applicable securities legislation, and the balance of the Shares are subject to (i) a four month “hold period” pursuant to the rules of the TSX Venture Exchange, and (ii) 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.
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