TORONTO (miningweekly.com) – Toronto-based Banro Corp plans to issue up to 10-million shares at $1,40 each to “a number of investors” to raise money for its Democratic Republic of Congo gold projects, the firm said on Tuesday.

The unbrokered offering, which will raise gross proceeds of up to $14-million, is expected to close on or about February 18, subject to regulatory approvals.

Banro said last month that it could produce a total of 2,62-million ounces of gold over 15 years from its Twangiza project.

According to a just-completed feasibility study, the mine will cost $409,6-million, including a $38,9-million contingency, which was an improvement on the capital estimate of $432,5-million in the July 2008 prefeasibility study.

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