Stans Energy Corp. (TSX-V: HRE, OTCQB: HREEF), (“Stans” or the “Company”), is pleased to report that the Ontario Court of Justice (the “Court”) will hear arguments on June 28 and 29, 2016 regarding the beneficial ownership of Centerra Gold (TSX: CG) shares (the “Shares”) owned by Kyrgyzaltyn JSC (“Kyrgyzaltyn”).
At issue will be whether the Kyrgyz Republic (the “Republic”) is in fact the beneficial owner of the Shares through Kyrgyzaltyn . The shares are currently being contested as security in multiple cases of damages awarded by various International Arbitration Tribunals against the Republic.
The Court has ordered that Sistem Muhendislik Insaat Sanayi Ve Ticaret Anonim Sirketi (Turkey), V. Belokon (Latvia), Entes Industrial Plants Construction & Erection Contracting Co. Inc. (Turkey) and Stans Energy (Canada) jointly argue that the Republic is in fact the beneficial owner of the Shares; as the parties have a mutual interest in defining the ownership of the Shares in question. Kyrgyzaltyn and the Republic will be opposing the arguments.
Only the merits of ownership will be decided at the hearing. Stans will make a decision whether to proceed with the enforcement and recognition phase of its case before the Court depending on the outcome of this hearing. Stans’ recognition and enforcement proceedings are independent of the other parties recognition and enforcement proceedings.
“The ownership of the Shares is vital information for us to determine the next steps in the process of securing damages for Stans. Regardless of the outcome of the these proceedings or the enforcement and recognition proceedings before the Ontario Court of Justice, Stans will seek recognition of International Arbitration judgments and enforcement in every jurisdiction that we believe the Kyrgyz Government may have or control assets,” states Rodney Irwin, 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.