TORONTO--(BUSINESS WIRE)--Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), ("Stans" or the "Company") announced today that it has obtained an injunction (the "Order") from the Ontario Superior Court of Justice which, among other things, prohibits the Kyrgyz Republic and Kyrgyzaltyn JSC ("KJSC") from selling, disposing, exchanging, assigning, transferring, pledging or encumbering 47,000,000 shares (the "Shares") in the capital of Centerra Gold Inc. ("Centerra") registered in the name of KJSC, subject to certain exceptions. The Order also prohibits Centerra and its transfer agent from issuing share certificates in respect of the Shares.
The Order was obtained in a proceeding by Stans for recognition and enforcement of an international arbitration award of the Arbitration Court at the Moscow Chamber of Commerce & Industry against Kyrgyz Republic for US$118,206,058.04 (the "Award"). The Kyrgyz Republic has refused or failed to pay the Award.
As a term of the Order, Stans will be seeking an extension of the injunction until the hearing of its application for recognition and enforcement of the Award as a judgment of the Superior Court of Justice. There can be no assurance that Stans will be successful in obtaining an extension of the injunction or that Stans will ultimately be successful in obtaining an order for recognition and enforcement of the Award in Ontario.
"At this time, we see no alternative other than to proceed as we have on our present track for successful resolution of our arbitration award," says Rodney Irwin, Interim President and CEO.
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One hopes UK companies learn from this .