Stans Energy Corporate Update
Tuesday, April 30, 2019 2:09 PM
TORONTO, ON / ACCESSWIRE / April 30, 2019 / Stans Energy Corp. ("Stans" or the "Company") is pleased to provide the following updates:
Stans has started negotiations with Joint Stock Company Atomredmetzoloto ("ARMZ") of the terms of the joint venture ("JV") to restart production of lithium concentrate at the Zavitinskoye mine site, and build a new lithium carbonate production facility at the Krasnokamensk uranium production site which is managed by ARMZ. The recently completed initial negotiations set the basic structure of the 50/50 JV. The Draft JV terms agreement should be completed by the parties by the end of May and submitted for approval to Stans Board and ARMZ parent Rosatom. ARMZ is the mining subsidiary of the Russian government Nuclear Power Agency "Rosatom".
Cost proceedings in the UK Court levied against the Kyrgyz Republic
Under the Default Costs Certificate issued on April 15, 2019 the Kyrgyz Republic has to pay all of Stans' court costs (in the amount of £397,483 plus interest) related to the Republic's failed set-aside proceedings against the Arbitration Tribunal jurisdiction award. The Republic had 14 days for payment.
Shares for Debt Settlement
The Company reports that COO, Boris Aryev, has been issued 200,000 shares at $0.05 per share to settle partial debt owed from salary arrears dating from December 2018 to March 2019. The Company also reports that CFO, Olga Stevens, has been issued 190,000 shares at $0.05 per share to settle partial debt owed from compensation arrears dating from February to April 2019. The Shares for Debt Settlement Agreements were approved by Stans Board of Directors on April 25th, 2019.
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 to become 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.
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.
SOURCE: Stans Energy Corp.