Private Placement Negotiated

April 8th, 2002

Toronto, April 8, 2002 — Banro Corporation (the “Company”) (CDNX — YBE) announces that it has negotiated a non-brokered arm’s length private placement of up to 200,000 units of the Company (the “Units”) at a price of $1.50 per Unit for proceeds to the Company of up to $300,000. Each Unit consists of one common share of the Company and one non-transferable warrant of the Company, each such warrant entitling the holder to purchase one common share of the Company at a price of $1.80 for a period of two years. Closing of this transaction is subject to regulatory approval. Proceeds from this financing will be added to the Company’s working capital.

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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