Stans Energy Sees International Arbitration Ruling, Awarded US$118 Million

Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) announced that the Moscow Chamber of Commerce and Industry’s Arbitration Court has handed down a final binding ruling regarding the matter between Stans and the government of the Kyrgyz Republic. Stans Energy is now entitled to enforcement of the tribunal judgment under the terms of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

As quoted in the press release:

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:

• 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.
• 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.
• 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.

Click here to read the Stans Energy Corp. (TSXV:HRE) press release