Stans Energy Corporation Legal Update
14.07.2015 | FSCwire
Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF) (‘Stans’ or ‘The Company’) announces that an appeal date to the written ruling of the Moscow City Arbitrazh Court (the “Court”) has been set. The appeal will be heard on July 20, 2015.As reported on June 2, 2015, the Court set aside the US$118 million award of the Moscow Chamber of Commerce and Industry (the “MCCI”) on procedural grounds, not on the merits of the case. The Company continues to seek recognition and enforcement of the MCCI award before the Ontario Superior Court of Justice. Due to the addition of new legal representation from Torys LLP to the case file, a delay in the July 21, 2015 hearings has been requested for further preparation. An update will be issued once a date is set by the Ontario Superior Court of Justice.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare earth and specialty metals properties in areas of Central Asia and Russia. Stans acquired the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic in 2009. Since that time the Government of the Republic of Kyrgyzstan took expropriatory actions against the Company’s interests in that country, Subsequently Stans Energy applied to international arbitration to resolve the conflict. On June 30, 2014, Stans Energy was awarded US$118 Million by the Arbitration Tribunal at the Moscow Chamber of Commerce and Industry. On October 24, 2014, Stans Energy obtained a Mareva Injunction arresting 47 million shares of Centerra Gold (TSX: CG) as security in this matter, which was subsequently removed by the Ontario Divisional Court. Stans has filed notice to appeal that decision. Stans is seeking recognition by the Ontario Superior Court of Justice of the MCCI award to collect US$ 118 Million from the Kyrgyz Republic.
We seek safe harbour.
Contact Details
Stans Energy Corp.
Rodney Irwin, Interim President & CEO
David Vinokurov, VP Corporate Development
rodney@stansenergy.com
david@stansenergy.com
647-426-1865
647-426-1865
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, use of proceeds from the Offering, the completion of the Offering, the continued advancement of the company's general business development, research development and the company's development of mineral exploration projects. When used in this press release , the words “will”, “shall”, "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Stans Energy Corp. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statement. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.