BRIEF-Banro enters into gold dore purchase agreement with Baiyin

Mon Jul 18, 2016 9:24am EDT
 
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July 18 (Reuters) - Banro Corp

* Banro Corp says entered into a gold dore purchase agreement in connection with a US$10 million loan facility with Baiyin International Investment Ltd

* Proceeds from facility planned to be used to support current operating activities at Namoya and Twangiza, for H2 2016 projects

* Under dore agreement, Baiyin will purchase 50 percent of gold dore produced by Namoya from December 1, 2016 until date facility is repaid

* Banro enters into gold dore purchase and financing arrangement with Baiyin

* Facility will be funded in two equal tranches, first US$5 million tranche of loan facility has been funded on closing

* Under dore agreement, Baiyin will purchase about 50 percent of gold dore produced by Twangiza from October 1, 2016 until date facility is repaid

* Remaining US$5 million tranche for funding deal to be funded on September 1, 2016 Source text for Eikon: Further company coverage: