Russian Supreme Court Denies Stans Appeal
Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), reports that the Supreme Court of the Russian Federation has declined to hear the Company’s appeal regarding the annulment of the Ruling of the Moscow City Arbitrazh Court dated May 25, 2015 and the Decision of the Moscow Regional Arbitrazh Court dated July 27, 2015.
These rulings set aside the award of the International Arbitration Court at the Moscow Chamber of Commerce and Industry dated June 30, 2014 (the “MCCI Award”) through which Stans was awarded US$118,000,000 in damages.
All proceedings within the Russian Federation legal system have been exhausted.
Enforcement and Recognition Proceedings before the Ontario Court of Justice
Notwithstanding recent and past developments within the Russian Federation, Stans’ lawyers, Torys LLP, are expected to have a hearing in Q1 or Q2 of 2016 to seek recognition and enforcement of the US$118,000,000 award of the MCCI. Timing will depend on Ontario Court of Justice availability and other factors.
UNCITRAL Arbitration
The UNCITRAL Arbitration was commenced on May 13, 2015, when Stans delivered a Notice of Arbitration to the Kyrgyz Republic. The Tribunal has been formed and the First Procedural Order issued. An update on these proceedings will be issued shortly.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare earth and specialty metals properties focusing on areas of Central Asia and Russia. Stans acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic in 2009 and the right to mine Beryllium at Kalesay. Steps subsequently taken by the Government of the Kyrgyz Republic wrongfully to deprive the Company of those mining rights have required Stans to take the actions described above to protect the Company’s rights and recover damages caused by the Republic’s wrongful actions.
Contact Details
Rodney Irwin David Vinokurov
Stans Energy Corp. Stan Energy Corp
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 believes that its 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 statements. 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/StansJan152016.pdf
Source: Stans Energy Corp. (TSX Venture:HRE, OTCQX:HREEF) www.stansenergy.com
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