Stans Energy Requests Payment of Arbitration Award from Kyrgyz Government
2014年7月15日 - 1:25AM
ビジネスワイヤ(英語)
Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the
“Company”) reports that it has sent a letter to Prime Minister
Djoomart K. Otorbaev of the Kyrgyz Republic requesting payment of
USD $118,206,056.80.
According to Article 56 of the Arbitration Rules of the
Arbitration Court at the Moscow Chamber of Commerce and Industry
(the “Tribunal”); “the award of the Tribunal shall enter into force
on the date of making the award. The award of the Tribunal shall be
final and binding on the parties and is not subject to appeal.
Parties are under an obligation to voluntarily execute the award of
the Tribunal.”
Therefore, the award of the Tribunal entered into force on June
30, 2014. This date shall be final and binding for execution by the
Kyrgyz Republic. Should the Kyrgyz Republic not respond to the
request for payment, the Company will begin seeking redress through
other avenues.
Background
On October 30, 2013, Stans Energy Corp. and its subsidiaries
filed a claim for arbitration under the Convention for the
Protection of Investor’s Rights to which Kyrgyzstan is a signatory.
The hearings were held in the Arbitration Court at the Moscow
Chamber of Commerce and Industry. On June 30, 2014 the Company was
awarded the full amount of the claim plus certain damages and
costs.
On July 1, 2014, a local Moscow Arbitration 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.
The Economic Court of the Commonwealth of Independent States
(the “CIS”) was requested by the Kyrgyz Republic to provide a
ruling, on the interpretation of Article 11 of the Moscow
Convention. The Economic Court has opted for an advisory opinion
instead. As this is an advisory opinion only, it is not enforceable
as a legal ruling even within the 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.
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