JOHANNESBURG (miningweekly.com) – NYSE MKT- and TSX-listed gold mining company Banro Corporation has completed its recapitalisation programme, resulting in the refinancing of its maturing $175-million senior secured 10% notes, due March 1, and a $22.5-million loan with $197.5-million of new secured notes.
The company in January announced the recapitalisation programme, which was aimed at reducing debt, improving liquidity and positioning the company to enhance its gold mining assets in the Democratic Republic of the Congo (DRC).
The company owns the Twangiza and Namoya mines, as well as the Lugushwa and Kamituga projects, in the DRC.
The recapitalisation programme included the execution of a gold forward sale agreement, raising $45-million for working capital and general corporate purposes, including funding transaction costs and repaying a $6.5-million interim loan facility.
Meanwhile, Banro is also in the process of appointing Michael Li, Robert Rauch and Robert Rorrison to its board.