Toronto, Ontario - Stans Energy Corp ($HRE:CA) ($HREEF)(‘Stans’ or ‘The Company’) announces that it has filed an appeal to the ruling of the Moscow City Arbitrazh Court (the “Court”). The Court's decision was made from the bench on April 29, 2015, which was followed by written reasons on May 25, 2015. The Court set aside the Company’s US$118 million award from the Moscow Chamber of Commerce and Industry (the “MCCI”). The decision of the Court will not come into effect until the Company's appeal is heard.
As reported on May 15, 2015, the Court set aside the award of the MCCI on procedural grounds, not on the merits of the case. The Company continues to seek enforcement of the MCCI award before the Ontario Superior Court of Justice. The Company's application to enforce the MCCI award is scheduled for July 21, 2015.
The appeal of the Court is asking to set aside the Court's ruling on the following grounds:
- A violation and incorrect application of the norms of substantive law (paragraphs 1 and 2 Article 288 of the Arbitration Procedural Code of the Russian Federation)
- A violation and incorrect application of the norms of procedural law, as it has caused the adoption of an incorrect decision of the Moscow City Arbitrazh Court (paragraphs 1 and 3 Article 288 of the Arbitration Procedural Code of the Russian Federation)
- The lack of correspondence between the conclusions of the court, contained in the May 25th, 2015 Decision, and the actual circumstances of the case established by the arbitration court and the proof contained in the case (paragraphs 1 Article 288 of the Arbitration Procedural Code of the Russian Federation)
No date has yet been set for the appeal hearing.
Stans offered to issue up to $100,000 of units (2,000,000 units at a price of $0.05 per unit). Each Unit consisted of one common share in the capital of the Company and one share purchase warrant (each whole warrant a “Warrant”). Each Warrant is exercisable to acquire one additional common share of the Company for a period of 24 months from date of issue at a price of $0.065 per common share.
1,000,000 common shares for gross proceeds of $50,000 were issued in this placement. Finders fees were paid totaling $500 in cash and 10,000 Finders Warrants, with each Finders’ Warrant being exercisable to acquire one common share of the Company for a period of 24 months from date of issue at a price of $0.065 per common share. Pursuant to Canadian Securities laws, the securities issuable under this Private Placement are subject to a hold period which expires September 28, 2015.
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$118 Million by the Arbitration Tribunal at the Moscow Chamber of Commerce and Industry. On October 24, 2014, Stans Energy obtained a Mareva Injunction arresting 47 million shares of Centerra Gold (TSX: CG) as security in this matter. This security allows the Company to pursue the recognition of its arbitral award against the Kyrgyz Republic in the Canadian court system. Stans is now seeking recognition by the Ontario Superior Court of Justice to collect US$ 118 Million worth of Centerra Gold shares
We seek safe harbour.
Rodney Irwin David Vinokurov
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.
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