Stans Energy Applies for Extension of Management Cease Trade Order
January 21, 2014 (Source: Businesswire) — Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), announces that that it has made an application to the Ontario Securities Commission to approve an extension to its existing management cease trade order (“MCTO”) under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect.
The Company had previously been granted an MCTO on December 20, 2013 In its application, it had advised that it expected to be in a position to file its 2013 unaudited interim financial statements for the quarter ended September 30, 2013, management discussion and analysis (MD&A) relating to the unaudited interim financial statements, and CEO and CFO certificates relating to the unaudited interim financial statements, as required by National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Required Filings”) by January 28, 2014.
The reason for the delay was 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 Company has now applied to extend the MCTO and to include its new interim Chief Financial Officer, Boris Aryev as a person to be bound by the order. The Company now anticipates being in a position to file the Required Filings by February 28, 2014.
The following facts and events have led to this change in the anticipated filing date of its Required Filings:
(a) the Company’s CFO had been on a medical leave and the Company was advised she would not be returning; announced by the Company January 8, 2014;
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(b) Boris Aryev (the Company’s chief operating officer) has been appointed interim CFO and will now be responsible for certifying the Required Filings as CFO, and two financial consultants, Doug Varty, a former partner at KPMG, and Lena Masters, a previous CFO at the Company have been engaged and will assist Mr. Aryev, announced by the Company January 14, 2014;
(c) It is now understood that the consultants hired by the Company to assist with asset valuation in Kyrgyzstan for impairment purposes will complete their work by the end of January, 2014.
(d) Once all data has been received, it is anticipated that a further period of 2 to 4 weeks will be required to translate and interpret and compile the results, coordinate with the issuer’s auditors in respect thereof, and complete for filing the issuer’s required filings.
The existing MCTO presently continued in effect.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines set out in section 4.3 and 4.5 of NP12-203 so long as it remains in default of filing the required filings.
There are no insolvency proceedings to which the Company is subject.
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.
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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>