Stans Energy Moves to Enforce $118-million International Arbitration Award

Stans Energy Corp. (OTCQX:HREEF) announced that it has filed  an application record in support of its application for an order of the Ontario Superior Court of Justice to enforce a US$118,000,000 award from the Moscow Chamber of Commerce & Industry.

As quoted in the press release:

In October 2014, the Court ordered the freezing of 47 million shares in Centerra Gold Inc. held by Kyrgyzaltyn JSC (‘KJSC’) until the disposition of Stans’ application for enforcement of the MCCI award. Though KJSC has been granted leave to appeal the injunction, the shares remain frozen pending the disposition of the appeal.  No date has yet been for this appeal.

Rodney Irwin, interim president and CEO of Stans, stated:

We would like to congratulate our legal teams, notably Bennett Jones, on their preparations for the enforcement of the Company’s US$118,000,000 award.  It is reassuring to the all stakeholders that the application to the Ontario Court of Justice has now been filed, and the enforcement process has begun.

Click here for the full Stans Energy Corp. (OTCQX:HREEF) press release