TORONTO, ON / ACCESSWIRE / May 21, 2015 / Stans Energy Corp (TSX-V: HRE, OTCQX: HREEF)("Stans" or "The Company") announces that on May 15, 2015 an appeal hearing was held in Ontario Divisional Court (the "Court") where Kyrgyzaltyn ("KJSC") was seeking to overturn the Ontario Superior Court of Justice's previous decision extending the Mareva Injunction. The Court has taken its decision under reserve. Stans will issue a press release once a decision is released by the Court.
Furthermore, the Ontario Superior Court of Justice has set a new date for arguments to be submitted in the enforcement of the company's US$118 million award from the Moscow Chamber of Commerce and Industry. This change of date is to account for the pending Ontario Divisional Court ruling and the full written ruling from the Moscow City Arbitrazh Court.
To date no written decision of the Moscow City Arbitrazh Court has been received by the Company.
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$118 Million by the Arbitration Tribunal at the Moscow Chamber of Commerce and Industry. On October 24, 2014, Stans Energy obtained a Mareva Injunction arresting 47 million shares of Centerra Gold (TSX: CG) as security in this matter. This security allows the Company to pursue the recognition of its arbitral award against the Kyrgyz Republic in the Canadian court system. Stans is now seeking recognition by the Ontario Superior Court of Justice to collect US$ 118 Million worth of Centerra Gold shares
We seek safe harbour.
Contact Details
Rodney Irwin
Interim President & CEO
rodney@stansenergy.com
647-426-1865
David Vinokurov
VP Corporate Development
david@stansenergy.com
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.
SOURCE: Stans Energy Corp.
