Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), announces that Stans and Kutisay Mining LLC have filed a Cassation Appeal against the Kyrgyz Republic with the Chamber for Commercial Disputes of the Supreme Court of the Russian Federation.
The Company is seeking to set aside the Decision of the Moscow Regional Arbitrazh Court dated July 27, 2015 and the ruling of the Moscow City Arbitrazh Court dated May 25, 2015 in matter regarding setting aside the Decision of the International Arbitration Court at the Moscow Chamber of Commerce and Industry (the “MCCI”) dated June 30, 2014 which awarded Stans US$118,000,000.
“As we continue to prepare for the recognition and enforcement of the MCCI award before the Ontario Court of Justice, the Company must exhaust all legal appeals to seek final recourse before the courts of the Russian Federation,” states Rodney Irwin, President and CEO. “Preparations continue for the recognition and enforcement proceedings in Ontario. Additionally, should the Ontario proceedings prove unsuccessful; the Company is fully prepared to pursue a new UNCITRAL arbitration. Our legal financing arrangement remains in place and we will continue to seek the collection of damages to a final resolution regardless of venue,” Mr. Irwin continued.
On May 13, 2015, Stans commenced a fresh arbitration by communicating a notice of arbitration to the Republic of Kyrgyzstan in accordance with the United Nations Commission on International Trade Law (UNCITRAL). To date both sides have selected an arbiter with the presiding arbiter yet to be decided upon. Once a presiding arbiter has been agreed upon a seat of arbitration will be selected and the Company will issue an update at that time.
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.