Stans Energy Updates Status of Management Cease Trade Order
TORONTO--(BUSINESS WIRE)--Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), announces that further to its application dated November 28, 2013 for a Management Cease Trade Order (MCTO), a temporary MCTO of the Ontario Securities Commission (the Commission) was issued on December 9, 2013. This MCTO prohibits all trading in and all acquisitions of the securities of the Company for a period of 15 days from the date of the temporary MCTO. A copy of the MCTO will be posted to the Company’s website.
Until the MCTO is lifted, Stans will comply with the alternative information guidelines set out in National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release, and one will be forthcoming in the prescribed time frame.
Rodney Irwin, Interim CEO and President, reports that the Company is continuing to work on evaluating potential impairment considerations of both exploration and evaluation costs on mineral properties in Kyrgyzstan and on the Company’s Kashka Rare Earth Processing Facility (“KRP”). Furthermore, the review of corporate records to determine the date from which impairment of assets ought to have been reflected in the Company’s financial statements, continues.
On December 13, 2013 a hearing was held in the arbitration proceedings brought by the Company against the Government of Kyrgyzstan. An adjournment was issued to provide more preparation time for the Government of Kyrgyzstan to present their defence. The next hearing is currently scheduled for February 6, 2014.
The Company anticipates that it will be in a position to remedy the default by filing the Required Filings by January 28, 2014. The MCTO will be in effect until after the Required Filings are filed.
About Stans Energy
Stans 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.
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.
Neither the 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.