Stans Energy Corp Obtains Ontario Court Injunction against Kyrgyz Republic and Kyrgyzaltyn JSC
TORONTO--(BUSINESS WIRE)--Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), ("Stans" or the "Company") announced today that it has obtained an injunction (the "Order") from the Ontario Superior Court of Justice 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.
“At this time, we see no alternative other than to proceed as we have on our present track for successful resolution of our arbitration award”
The Order was obtained in a proceeding by Stans for recognition and enforcement of an international arbitration award of the Arbitration Court at 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.
As a term of the Order, Stans will be seeking an extension of the injunction until the hearing of its application for recognition and enforcement of the Award as a judgment of the Superior Court of Justice. There can be no assurance that Stans will be successful in obtaining an extension of the injunction or that Stans will ultimately be successful in obtaining an order for recognition and enforcement of the Award in Ontario.
"At this time, we see no alternative other than to proceed as we have on our present track for successful resolution of our arbitration award," says Rodney Irwin, Interim President and CEO.
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About Stans Energy
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.
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