Kyrgyz Republic Moves to Set Aside Stans UNCITRAL Jurisdiction Ruling
Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTC: HREEF), ("Stans" or the "Company") announces that the Kyrgyz Republic (the “Republic”) has notified Stans that on February 22 it filed a claim with the High Court of Justice, Queen’s Bench Division, Commercial Court, London, England to set aside the jurisdictional award rendered by the UNCITRAL Tribunal (the “Tribunal”) in favor of Stans. This submission to the English Court is made pursuant to Section 67 of the Arbitration Act (1996).
No timetables have been set in these new proceedings. Stans will issue an update both on these set aside proceedings and on the merits proceedings in UNCITRAL arbitration as schedules will become available.
“Although it is not surprising that the Republic continues to obstruct and hamper the timely proceedings of Stans’ case for the expropriation of Kutessay II deposit mining license, management together with our legal team remains vigilant in pursuing a final award from the UNCITRAL Tribunal,” states Rodney Irwin, CEO and President, Stans Energy Corp.
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.
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/StansPRMar82017_0.pdf
Source: Stans Energy Corp. (TSX Venture:HRE, OTCQB:HREEF)
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