Stans Energy Awarded $118 Million USD in International Arbitration Ruling
2014年7月3日 - 6:47AM
ビジネスワイヤ(英語)
Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the
“Company”) is pleased to announce that the Arbitration Court at the
Moscow Chamber of Commerce and Industry (the “Tribunal”) has handed
down a final binding ruling in the matter between the Company and
the Government of the Kyrgyz Republic. The Company is now entitled
to enforcement of the Tribunal Judgment pursuant to the New York
Convention on the Recognition and Enforcement of Foreign Arbitral
Awards (1958).
Having considered evidence in Tribunal proceedings on December
31, 2013, February 6, 2014, March 3, 2014, March 31, 2014 and April
29-30 2014, the Tribunal ruled in favour of Stans:
1. To dismiss a motion of April 25,
2014 by the Government of the Kyrgyz Republic on postponement of
the dispute resolution until the claim is considered at the local
Moscow Arbitration Court (the “Court”) on jurisdiction of the
Tribunal.
2. To recognize the Tribunal’s
jurisdiction to consider a matter representing Stans Energy Corp.
of Canada and Kutisay Mining of Kyrgyzstan (together “the
Claimants”) against the Government of the Kyrgyz Republic.
3. To recover from the Government
of the Kyrgyz Republic in favour of the Claimants USD
$117,738,940.30 owing under this claim, and USD $158,974.00 for the
arbitration fees paid by the Claimants, and USD $308,142.50 for the
Claimant’s legal fees and expenses.
The total amount awarded for recovery by the
Claimant is USD $118,206,056.80.
Furthermore, the Company is pleased to provide an update on the
jurisdictional challenges that the Government of the Kyrgyz
Republic had submitted to the Court and to the Economic Court of
the Commonwealth of Independent States (the “Economic Court”)
relating to the interpretation of Article 11 of the Moscow
Convention. These challenges were intended to test whether this
provision on its own constitutes consent of the Kyrgyz Republic to
jurisdiction of an international arbitration tribunal.
On July 1, 2014, the Court heard the application of the Kyrgyz
Republic to not recognize the jurisdiction of the Tribunal in the
matter brought against it by Stans Energy Corp. The Court ruled
that the Tribunal did in fact have jurisdiction in the matter and
dismissed the Kyrgyz claim in favour of Stans. A written ruling
will be provided in the coming weeks.
The Economic Court was requested by the Kyrgyz Republic to
provide a ruling on the interpretation of Article 11 of the Moscow
Convention. The Court opted for an advisory opinion. As this is an
advisory opinion only, it is not enforceable as a legal ruling even
within the Commonwealth of Independent States (“CIS"). It is not
binding on the Tribunal or the Courts outside the CIS. A hearing on
this matter has been set for the end of September 2014.
“Stans Energy has always conducted business to the highest
ethical standards. This ruling validates the position taken by the
Company. The Government of the Kyrgyz Republic now has an
opportunity to foster a positive investment climate in the country
and to match its actions to the message that it promotes around the
world. Stans Energy is open to continuing dialogue and negotiations
to resolve the situation surrounding Kutessay II. Now that the
conclusion to the legal proceedings is in place, the parameters to
an amicable solution are clearly defined. The Company is consulting
with its international legal teams to determine on how to best
proceed.”
Translated versions of the Company’s decisions both from the
Tribunal and the Court will be posted to the Company’s website upon
completion.
"Neither 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.”
About Stans EnergyStans 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.
We seek safe harbour.
Contact Details
Rodney Irwin David
Vinokurov Stans Energy Corp Stans Energy Corp Interim - President
& CEO
VP Corporate Development
647-426-1865 647-426-1865
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.
Stans Energy CorpRodney Irwin, 647-426-1865Interim -
President & CEOorDavid Vinokurov, 647-426-1865VP Corporate
Developmentinfo@stansenergy.comwww.stansenergy.com
Stans Energy (CE) (USOTC:HREEF)
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Stans Energy (CE) (USOTC:HREEF)
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から 1 2024 まで 1 2025