July 17, 2017 / 1:30 PM / 9 days ago

BRIEF-Banro announces Q2 production results and financing

2 Min Read

July 17 (Reuters) - Banro Corp:

* Banro announces Q2 2017 production results and financing

* Banro Corp - ‍twangiza and Namoya produced a combined 38,739 ounces of gold during Q2 of 2017​

* Banro Corp - ‍Twangiza's gold production in Q2 of 2017 decreased by 15% compared to Q1 of 2017​

* Banro Corp - ‍continuing to explore opportunities to raise additional financing and/or refinance existing obligations​

* Banro Corp - ‍interruptions of operations due to security incidents at namoya mine during Q2 of 2017 also contributed to low production​

* Banro Corp - ‍continuing to explore opportunities to raise additional financing in light of co's ongoing operational and working capital challenges​

* Banro Corp - ‍does not expect to reach its 2017 gold production outlook​

* Banro - entered financing arrangement to provide additional operational working capital to support co's ongoing activities at Twangiza, Namoya mines

* Banro Corp - ‍currently does not expect to provide updated forward-looking gold production information for remainder of 2017​

* Banro Corp - financing arrangement comprises execution of two gold forward sale agreements to raise US$26 million

* Banro- expects delivery of mining fleet in July to assist in achieving higher levels of gold production expected to be achieved in H2 2017 in Namoya

* Banro-‍doesn't expect to reach 2017 gold production outlook due to lower than expected gold production at 2 mines during first 6 months of 2017

* Banro-‍doesn't expect to meet FY production outlook due to challenging operating environment given "current instability in democratic Republic Of Congo" ​ Source text for Eikon: Further company coverage:

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