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, by certain insiders, until two days after
receipt by the Commission of all the required filings as noted in the
Company’s November 28, 2013 press release.
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 continues to
determine the date when impairment of assets may be reflected in the
Company’s financial statements.
On February 3, 2014 the Company reported that the Ontario Securities
Commission extended the MCTO to provide additional time to complete this
evaluation of potential impairment and the Company anticipates being in
a position to file the Required Filings by February 28, 2014.
On February 8, 2014 the Company reported that the Government of
Kyrgyzstan in reaction to the Company’s ongoing International
Arbitration claim has formed an inter-departmental working group. A
stated aim of this working group is to hold negotiations with Stans to
reach an out-of-court settlement with the Company. The Arbitration Court
of the Moscow Chamberof Commerce and Industry should release a detailed
plan for the next scheduled hearings in the coming week.
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.
Stans Energy Corp
- President & CEO
Stans Energy Corp
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.
Stans Energy CorpRodney Irwin
President & CEO
Source: Stans Energy Corp.