Stans Energy Provides Update on COVID-19 and Announces the Status of the Request for Extension to File Annual Financial Statements and Management's Discussion and Analysis
TORONTO, May 20, 2020 - Stans Energy Corp. (the "Company" or "Stans") (TSXV:HRE) wishes to provide an update on the coronavirus pandemic ("COVID-19") as it affects the Company and the status of the filing of its annual financial statements and accompanying management's discussion and analysis, and related CEO and CFO certifications, for the financial year ended December 31, 2019.
Following notification received on April 30, 2020 from the Ontario Securities Commission ("OSC") regarding enactment on April 23, 2020 of the Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (the "OSC Temporary Exemption") providing a 45-day extension for certain periodic filings required to be made on or prior to June 1, Stans issued on May 7, 2020 the Press Release notifying public that it will be relying on this extension period due to delays experienced as result of COVID-19. It took us less then 5 business days to prepare this complicated announcement given that no guidelines were provided for the filing of this extension.
To our surprise OSC issued a Cease Trading Order (CTO) on May 6, 2020 apparently triggered by our slow reaction to its notice. Whatever the reasons we must complete our financial reporting in order to remove this CTO.
We will provide an update as per regulators requirements before June 15, 2020.
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 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 proceeded with the international arbitration litigation to protect the Company's rights and in August 2019 won the Award for damages at over US$24,000,000 plus interest.
We seek safe harbour.
Stans Energy Corp.
Interim President & CEO
Stan Energy Corp.
Chief Operating Officer
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.
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