TORONTO, Feb. 15, 2018 /CNW/ - Banro Corporation
("Banro") and its Barbados-based subsidiaries (collectively, the
"Companies") wish to advise all Affected Creditors that, in
connection with the Companies' restructuring proceedings under the
Companies' Creditors Arrangement Act (the "CCAA"),
the Third Report of the court-appointed Monitor, FTI Consulting
Canada Inc., has been served in accordance with the Meeting Order
and is available for review on the Monitor's website at
http://cfcanada.fticonsulting.com/banro/reports.htm
Additional Information
In addition to the Third Report, copies of the Meeting Order,
Claims Procedure Order and all related CCAA materials can be found
on the Monitor's website at:
http://cfcanada.fticonsulting.com/banro/
Banro Corporation is a Canadian gold mining company
focused on production from the Twangiza and Namoya mines, which
began commercial production in September
2012 and January 2016
respectively. The Company's longer-term objectives include
the development of two additional major, wholly-owned gold
projects, Lugushwa and Kamituga. The four projects, each of
which has a mining license, are located along the 210 kilometres
long Twangiza-Namoya gold belt in the South Kivu and Maniema
Provinces of the Democratic Republic of the Congo. All
business activities are followed in a socially and environmentally
responsible manner.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains
forward-looking statements. All statements, other than statements
of historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements
regarding the CCAA proceedings, the restructuring process,
the sale and investment solicitation process
("SISP"), the Company's liquidity and ability to meet
payment obligations and the timing of meeting such payment
obligations, the Company's intentions for the future of its
business operations and long-term strategy, and the Company's
commitment to its employees and suppliers) are
forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of the Company based on
information currently available to the Company.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, among other
things, the possibility that the Company will be unable to
implement the restructuring or that the SISP will be
unsuccessful. In addition, actual results or events
could differ materially from current expectations due
to instability in the eastern DRC where the Company's mines are
located; political developments in the DRC; uncertainties
relating to the availability and costs of financing or other
appropriate strategic transactions; uncertainty of estimates
of capital and operating costs, production estimates and estimated
economic return of the Company's projects; the possibility that
actual circumstances will differ from the estimates and assumptions
used in the economic studies of the Company's projects; failure to
establish estimated mineral resources and mineral reserves (the
Company's mineral resource and mineral reserve figures are
estimates and no assurance can be given that the intended levels of
gold will be produced); fluctuations in gold prices and currency
exchange rates; inflation; gold recoveries being less than
expected; changes in capital markets; lack of infrastructure;
failure to procure or maintain, or delays in procuring or
maintaining, permits and approvals; lack of availability at a
reasonable cost or at all, of plants, equipment or labour;
inability to attract and retain key management and personnel;
changes to regulations affecting the Company's activities; the
uncertainties involved in interpreting drilling results and other
geological data; and the other risks disclosed under the heading
"Risk Factors" and elsewhere in the Company's annual report on Form
20-F dated April 2, 2017 filed on
SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent
uncertainty therein. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary note.
SOURCE Banro Corporation