Stans Energy Commences Ontario Court Action to Enforce $118 Million International Arbitration Award
Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”) is pleased to report that its attorneys, Bennett Jones, have served and filed the Company’s application record in support of its application for an order of the Ontario Superior Court of Justice (the “Court”) recognizing and enforcing the US$ 118,000,000 Award of the Moscow Chamber of Commerce & Industry (the “MCCI”) dated June 30, 2014, pursuant to the International Commercial Arbitration Act.
An appearance in court will be scheduled for next week, depending on the courts availability to schedule a hearing and timetable application. Stans expects a hearing to date to be in Q2 2015 and will provide an update once that date is set.
In October 2014, the Court ordered the freezing of 47 million shares in Centerra Gold Inc. held by Kyrgyzaltyn JSC (“KJSC”) until the disposition of Stans' application for enforcement of the MCCI award. Though KJSC has been granted leave to appeal the injunction, the shares remain frozen pending the disposition of the appeal. No date has yet been for this appeal.
“We would like to congratulate our legal teams, notably Bennett Jones, on their preparations for the enforcement of the Company’s US$118,000,000 award. It is reassuring to the all stakeholders that the application to the Ontario Court of Justice has now been filed, and the enforcement process has begun. Throughout this process the Kyrgyz government has continued its intractable position towards the Company’s interests and the interests of its citizens. We are now seeking the full amount of damages and continue to plan for the Company’s development in more friendly jurisdictions,” states Rodney Irwin, Interim President and CEO.
Contact Details
Rodney Irwin David Vinokurov
Stans Energy Corp. Stan Energy Corp
Interim President & CEO VP Corporate Development
rodney@stansenergy.com david@stansenergy.com
647-426-1865 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/StansJan282015.pdf
Source: Stans Energy Corp. (TSX Venture:HRE) www.stansenergy.com
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