Stans Receives Timetable for UNCITRAL Arbitration
Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTC: HREEF), ("Stans" or the "Company") is pleased to announce that it has received a final timetable from the UNCITRAL Tribunal (the “Tribunal”) in its arbitration case against the Kyrgyz Republic (the “Republic”)
As already confirmed by the Tribunal on February 22, 2017, a joint proposal for a procedural timetable that was agreed upon between the Stans and the Republic had been accepted barring minor logistical details.
As reported on March 6, 2017 by Stans, on February 22, 2017 the Republic initiated a claim with the High Court of Justice, Queen’s Bench Division of the Commercial Court, London, England to set aside the jurisdictional award of the Tribunal in favor of Stans. Furthermore, on March 9, 2017 the Republic petitioned the Tribunal to delay the proceedings on the merits of the case until the Commercial Court reached a decision on setting aside the jurisdictional ruling.
On March 15, 2017 the Tribunal denied the Republic’s request and issued Procedural Order No 6 confirming the timetable and setting a hearing on the merits of Stans’ claim for April 9-13, 2018 in Paris, France.
No timetables have been set in the London proceedings. However a decision in this matter is expected in Q4 2017 or Q1 2018. Stans will issue an update when the Commercial Court provides a schedule for the hearings.
“We are pleased with the Tribunal’s decision not to delay the arbitration proceedings based on the Republic’s attempts to set aside the jurisdictional ruling. We believe that these attempts have little merit and we look forward to both the decision of the Tribunal and the London court,” states Mr. Rodney Irwin, CEO and President.
According to the Tribunal’s written decision, the Tribunal is comfortable that its Award is valid and will withstand the challenge before the English courts.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare and specialty metals properties and processing technologies. Stans is now transitioning into a supplier of materials and technologies that will assist in satisfying the future energy supply, storage and transmission needs of the world. Previously, the Company acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic. Due to the expropriation actions taken by the Government of the Kyrgyz Republic, the Company is undertaking international arbitration litigation to protect the Company’s rights and recover damages estimated at over US$210,000,000, caused by the Republic.
We seek safe harbour.
Contact Details
| Rodney Irwin | David Vinokurov |
| Stan Energy Corp | |
| 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/StansPR03162017.pdf
Source: Stans Energy Corp. (TSX Venture:HRE, OTCQB:HREEF)
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