Appeal Filed in Kyrgyzaltyn Share Ownership Case
Toronto, Ontario (FSCwire) - Stans Energy Corp. ("Stans" or the "Company") announces that an appeal has been filed in the matter of Belokon et. al v. the Kyrgyz Republic (the “Republic”), of which Stans was a joint applicant.
As announced on July 12, 2016, the Ontario Superior Court of Justice had ruled that Centerra Gold (TSX: CG) shares (the “Shares”) are the property of Kyrgyzaltyn JSC (“Kyrgyzaltyn”) not the Republic.
At issue was whether the Republic was in fact the beneficial owner of the Shares through Kyrgyzaltyn, the mining company 100% owned by the Republic. The shares are currently being pursued as security in multiple cases of damages awarded by various International Arbitration Tribunals against the Republic.
Stans is not proceeding as an appellant in this appeal to the Ontario Court of Appeal. Instead, Stans is focusing on its upcoming UNCITRAL proceedings, which will next be held on September 23, 2016 in Paris, France.
Stans will reassess the situation, once the Ontario Court of Appeal issues a ruling. No date has been set for this appeal hearing.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare earth and specialty metals properties focusing on areas of Central Asia and Russia. Stans acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic in 2009 and the right to mine Beryllium at Kalesay. Steps subsequently taken by the Government of the Kyrgyz Republic wrongfully to deprive the Company of those mining rights have required Stans to take the actions described above to protect the Company’s rights and recover damages caused by the Republic’s wrongful actions.
We seek safe harbour.
| Contact Details | ||
| Rodney Irwin | David Vinokurov | |
| Interim President & CEO | 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/stans08112016.pdf
Source: Stans Energy Corp. (TSX Venture:HRE, OTCQB:HREEF)
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