Stans Energy Corp. (“Stans” or the “Company”) announces that the Ontario Superior Court of Justice has ruled that Centerra Gold (TSX: CG) shares (the “Shares”) are the property of Kyrgyzaltyn JSC (“Kyrgyzaltyn”) not the Kyrgyz Republic.
At issue was whether the Kyrgyz Republic (the “Republic”) is 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.
In the matter of Belokon et. al v. the Kyrgyz Republic, of which Stans was a joint applicant, Justice Conway ruled that, among other things, “the Republic does not have ‘any equitable or other right, property, interest or equity of redemption’ in the Centerra shares that is subject to seizure and sale…..”
An appeal of this decision is under consideration.
“As the case continues to evolve, Stans remains committed to pursuing full resolution of both the awards of the Moscow Chamber of Commerce and Industry and the upcoming UNCITRAL arbitration,” states Rodney Irwin, Interim President and CEO.
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$118 Million by the Arbitration Tribunal at the Moscow Chamber of Commerce and Industry. On October 24, Stans Energy arrested 47 million shares of Centerra Gold (TSX: CG) as security in this matter. This security allows the Company to pursue the recognition of its arbitral award against the Kyrgyz Republic in the Canadian court system. Stans is now seeking recognition by the Ontario Court of Justice to collect US$ 118 Million worth of Centerra Gold shares.
We seek safe harbour.
President & CEO
VP Corporate Development
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.