Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTCQB: HREEF), (“Stans” or the “Company”), is pleased to report that the Ontario Court of Justice (the “Court”) will hear arguments on June 28 and 29, 2016 regarding the beneficial ownership of Centerra Gold (TSX: CG) shares (the “Shares”) owned by Kyrgyzaltyn JSC (“Kyrgyzaltyn”).
At issue will be whether the Kyrgyz Republic (the “Republic”) is in fact the beneficial owner of the Shares through Kyrgyzaltyn . The shares are currently being contested as security in multiple cases of damages awarded by various International Arbitration Tribunals against the Republic.
The Court has ordered that Sistem Muhendislik Insaat Sanayi Ve Ticaret Anonim Sirketi (Turkey), V. Belokon (Latvia), Entes Industrial Plants Construction & Erection Contracting Co. Inc. (Turkey) and Stans Energy (Canada) jointly argue that the Republic is in fact the beneficial owner of the Shares; as the parties have a mutual interest in defining the ownership of the Shares in question. Kyrgyzaltyn and the Republic will be opposing the arguments.
Only the merits of ownership will be decided at the hearing. Stans will make a decision whether to proceed with the enforcement and recognition phase of its case before the Court depending on the outcome of this hearing. Stans' recognition and enforcement proceedings are independent of the other parties recognition and enforcement proceedings.
“The ownership of the Shares is vital information for us to determine the next steps in the process of securing damages for Stans. Regardless of the outcome of the these proceedings or the enforcement and recognition proceedings before the Ontario Court of Justice, Stans will seek recognition of International Arbitration judgments and enforcement in every jurisdiction that we believe the Kyrgyz Government may have or control assets,” states Rodney Irwin, President and CEO.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare earth and specialty metals properties focusing on areas of Central Asia and Russia. Stans acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic in 2009 and the right to mine Beryllium at Kalesay. Steps subsequently taken by the Government of the Kyrgyz Republic wrongfully to deprive the Company of those mining rights have required Stans to take the actions described above to protect the Company's rights and recover damages caused by the Republic's wrongful actions.
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 believes that its 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 statements. 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/Stans04112016.pdf
Source: Stans Energy Corp. (TSX Venture:HRE, OTCQB:HREEF) www.stansenergy.com
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