Stans Energy Obtains Extension of Ontario Court Injunction Against Kyrgyz Republic and Kyrgyzaltyn JSC
October 27, 2014 (Source: Accesswire) — Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”) announced today that it has obtained an extension from the Ontario Superior Court of Justice (“Court”) of the previously announced injunction (the “Order”) which, among other things, prohibits the Kyrgyz Republic and Kyrgyzaltyn JSC (“KJSC”) from selling, disposing, exchanging, assigning, transferring, pledging or encumbering 47,000,000 shares (the “Shares”) in the capital of Centerra Gold Inc. (“Centerra”) registered in the name of KJSC, subject to certain exceptions. The Order also prohibits Centerra and its transfer agent from issuing share certificates in respect of the Shares.
The order will remain in effect until the Court decides the application for recognition and enforcement of the Award.
“Stans’ legal team is now preparing for award enforcement in the Ontario Superior Court of Justice. The company will be seeking the full amount of the award of the Moscow Chamber of Commerce and Industry,” states Rodney Irwin, Interim-President and CEO.
The Court noted that Stans has established a strong prima facie case that its award should be recognized in Ontario and that the Republic of Kyrgyzstan has an equitable interest in the Centerra shares held in the name of Kyrgyzsaltan that may be seized in Ontario.
Stans obtained the extension of the Order in a proceeding for recognition and enforcement of an arbitration award of the Moscow Chamber of Commerce & Industry against Kyrgyz Republic for US$118,206,058.04 (the “Award”). The Kyrgyz Republic has refused or failed to pay the Award.
There can be no assurance that the Order will remain in effect or that Stans will ultimately be successful in obtaining an order for recognition and enforcement of the Award in Ontario. KJSC can apply to have the injunction varied on 10 days notice.
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About Stans Energy Corp.
Stans Energy Corp. is a resource development company focused on advancing Heavy Rare Earth (HRE) properties in areas of Central Asia and Russia. 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 from Kutessay II ores. 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.
We seek safe harbour.
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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