Toronto, Ontario (FSCwire) - Stans Energy Corp. ("Stans" or the "Company") is pleased to announce that it has entered into a litigation finance agreement to obtain incremental funding of Stans' legal costs, including related corporate overhead costs, to continue with the international arbitration proceedings against the Republic of Kyrgyzstan (the "Defendant") on a non-recourse basis. (As Stans previously reported, it obtained initial funding for the proceedings in May 2015.)
Stans will continue to have complete control over the conduct of the international arbitration proceedings, insofar as the proceedings relate to the Company's claims, and continues to have the right to settle with the parties, discontinue proceedings, pursue the proceedings to a final determination and take any action Stans considers appropriate to enforce judgment.
Under the terms of the privileged litigation funding agreement, the Company has given certain warranties and covenants to the funder. In consideration for the provision of arbitration financing, Stans has agreed to pay to the funder a portion of any final settlement of the arbitration claim against the Defendant (the “Funder’s Fee”). The Funder’s Fee shall only become payable upon a final settlement of the arbitration claim and the value of the Funder’s Fee is dependent upon a number of variables including the value of any settlement and the length of time taken to reach a settlement. The agreement also provides that the amount of the Funder’s Fee shall not exceed the amount of the aggregate proceeds of the arbitration claim under any circumstances.
Resignation of VP of Corporate Development
The company also wishes to report that David Vinokurov, Vice President of Corporate Development has resigned from his position with the Company. Management wishes to thank Mr. Vinokurov for his dedicated and professional service in his 7years with the company and wishes him much success in his future endeavours.
Shares For Debt Settlement,
The Company also reports that COO, Boris Aryev, has been issued 400,000 shares to settle partial debts owed from salary arrears dating from December 2016 to July 2017. The shares for debt settlement was approved by Stans Board of Directors on March 5, 2018.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare and specialty metals properties and processing technologies. Stans is now transitioning into a supplier of materials and technologies that will assist in satisfying the future energy supply, storage and transmission needs of the world. Previously, the Company acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic. Due to the expropriation actions taken by the Government of the Kyrgyz Republic, the Company is undertaking international arbitration litigation to protect the Company’s rights and recover damages estimated at over US$210,000,000, caused by the Republic.
We seek safe harbour.
|Rodney Irwin||Boris Aryev|
|Stans Energy Corp||Stans Energy Corp|
|Interim President & CEO||COO|
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.