Stans Energy Announces Filing of Corrective Disclosure Pursuant to OSC Review

Rhea-AI Summary

Stans Energy Corp. (HRE) has filed amended interim financial statements for the three and six months ended June 30, 2020, and the three and nine months ended September 30, 2020. This action follows a request from the Ontario Securities Commission (OSC) due to discrepancies in the company's previous disclosures. The corrections involved reclassifying Other Revenue to Other Income and updating related management discussion. As a result of these filings, the company will be listed publicly for Refilings and Errors under OSC Staff Notice 51-711.

Positive

• Filed amended financial statements to correct prior disclosures.
• Updated classification of revenue to enhance clarity.

Negative

• Company will be placed on the public list for Refilings and Errors.

TORONTO, ON / ACCESSWIRE / May 25, 2021 / Stans Energy Corp. (the "Company" or "Stans") (TSXV:HRE) provides an update today that further to the review by the Ontario Securities Commission (the "OSC") of the Company's continuous disclosure and a subsequent request from OSC staff in connection therewith, the Company has filed amended and restated interim consolidated financial statements for the three and six months ended June 30, 2020 and for the three and nine months ended September 30, 2020 along with a corresponding restated management discussion and analysis.

Corrective disclosure was requested by OSC staff pursuant to their review. In accordance with OSC Staff Notice 51-711 (Revised) Refilings and Corrections of Errors ("Notice 51-711"), the Company has filed the documents noted above on SEDAR, which include restatements related to reclassification of Other Revenue (Proceeds from Settlement) to Other Income as part of Other Income and expenses in the Income Statement. The Company also updated the disclosure of this transaction.

As a result of the filing of this disclosure the Company will be placed on the public list of Refiling and Errors in accordance with Notice 51-711.

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. 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 Arbitration including damages for over US$24,000,000 plus interest. The rights to collect damages were assigned to the Litigation Funders to repay for the funding provided under Litigation Funding Agreements.

Contact Details

Rodney Irwin
Stans Energy Corp
Interim President & CEO
rodney@stansenergy.com
647-426-1865

Boris Aryev
Stan Energy Corp
Chief Operating Officer
boris@stansenergy.com
647-426-1865

SOURCE: Stans Energy Corp.

View source version on accesswire.com:
https://www.accesswire.com/649017/Stans-Energy-Announces-Filing-of-Corrective-Disclosure-Pursuant-to-OSC-Review

FAQ

What was the reason for Stans Energy filing amended financial statements for HREEF?

The filing was made to correct discrepancies identified by the Ontario Securities Commission regarding previous disclosures.

What are the implications of the OSC's review on Stans Energy (HREEF)?

As a result of the OSC's review, Stans Energy will be listed publicly for Refilings and Errors.

What financial periods do the amended interim statements cover for HREEF?

The amended statements cover the three and six months ended June 30, 2020, and the three and nine months ended September 30, 2020.