28 Feb 2014capital raising announcement● NeutralMajor
Closed the US$40m preferred share placement into the Namoya and Twangiza Barbados subsidiaries, exchangeable into Banro shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2014capital raising announcement▼ BadMajor
Announced US$40m of convertible preferred shares to be issued by a subsidiary, paying an 8% cumulative cash dividend and maturing 1 June 2017, with Gramercy Funds Management committing to the whole amount. The stated purpose - resolving near-term liquidity constraints and repaying bank loans - is the first admission of a funding squeeze.
25 Apr 2013capital raising announcement▲ GoodMajor
Closed the offering: C$67.8m of common shares at C$1.35, US$2.9m of Series A preference shares and US$30.0m of subsidiary preferred shares, all for Namoya development and working capital.
15 Apr 2013capital raising announcement▼ BadMajor
Priced the financing plan, which had grown well beyond the February package and now included common equity: 50,218,634 shares at C$1.35 for C$67.8m, 116,000 gold-linked Series A preference shares at US$25.00 for US$2.9m, and a concurrent US$30.0m private placement of Barbados subsidiary preferred shares. The "non-dilutive" preferred-only plan of February had become a substantial common-share issue.
What it means for a shareholder
50.2m new shares at C$1.35 to raise about C$67.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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21 Feb 2013capital raising announcement▲ GoodMajor
Arranged up to US$90m without issuing common shares: US$40m of gold-linked preferred shares to BlackRock World Mining Trust, expandable to US$60m, plus US$30m of credit facilities from two African commercial banks. Management framed it as funding growth without diluting the capital structure.