As Stans Energy Corp. (TSX-V: HRE, OTC: HREEF), (“Stans” or the “Company”) reported on March 16, 2017, the Kyrgyz Republic (the “Republic”) has applied to the High Court of Justice, Queen’s Bench Division of the Commercial Court, London, England (the “Court”) to set aside the jurisdictional ruling of the Tribunal in favour of Stans.
A date for hearings before the Court has been set for July 24 – 25, 2017. A decision is expected by Q4 2017.
“We firmly believe that the result of this hearing will end attempts by the Republic to set aside the positive jurisdictional ruling by the Tribunal and frustrate arbitration proceedings. We are comfortable that the Tribunal’s Award is valid and will withstand the challenge before the English courts. We look forward to moving beyond this challenge toward the April 2018 hearings on the merits of our US$210 million arbitration claim,” states Mr. Rodney Irwin, CEO and President.
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.
Interim 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.