Stans Energy Announces Approval of Management Cease Trade Order Extension
February 3, 2014 (Source: Businesswire) — Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), announces that its principal regulator, the Ontario Securities Commission (the “Commission”) has issued a temporary order to extend the existing Management Cease Trade Order (“MCTO”) to include its new Chief Financial Officer (“CFO”), Boris Aryev, following Mr. Aryev’s appointment as CFO, and the Company’s application for this extension.
As previously announced by press release dated November 28, 2013, an initial application for an MCTO was made by the Company in respect to the late filing of the Corporation’s interim financial statements, accompanying management’s discussion and analysis and related CEO and CFO certifications for the period ended September 30, 2013 (the “Required Filings”) which were to be filed at the latest on November 29, 2013. The reason for the delay is that the Company is considering impairment charges against its assets and needs more time to determine the appropriate impairment for inclusion in our financial reporting.
The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Q3 Filings have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could in future determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company. A copy of the MCTO will be posted to the Company’s website.
Until the MCTO is lifted, Stans will comply with the alternative information guidelines set out in National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release, and one will be forthcoming in the prescribed time frame.
The Company anticipates that it will be in a position to remedy the default by filing the Required Filings by February 28, 2014. The MCTO will be in effect until after the Required Filings are filed.
There are no insolvency proceedings to which the Company is subject.
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There is no material information concerning the affairs of the Company which has not been generally disclosed.
About Stans Energy
Stans Energy Corp. is a resource development company focused on progressing Heavy Rare Earth (HRE) properties in areas of the Former Soviet Union. In December 2009, Stans acquired a 20-year mining license for the past-producing Kutessay II rare earth mine from the Kyrgyz Republic. On May 26, 2011 Stans completed the purchase of the Kashka Rare Earth Processing Plant (KRP) the same plant that previously refined REEs historically from Kutessay II. The KRP was the only hard rock plant to produce all rare earth elements outside of China, producing 120 different metals, alloys, and oxides. For over 30 years, Kutessay II produced 80% of the rare earth metals for the former Soviet Union.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>