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Stans Energy Corp (2)
Symbol HRE
Shares Issued 157,263,986
Close 2013-12-09 C$ 0.075
Market Cap C$ 11,794,799
Recent Sedar Documents

Stans Energy receives management cease trade order

2013-12-10 11:05 ET - News Release

Mr. Rodney Irwin reports

STANS ENERGY ANNOUNCES APPROVAL OF MANAGEMENT CEASE TRADE ORDER

Stans Energy Corp. has been granted a management cease trade order (MCTO) by its principal regulator, the Ontario Securities Commission, following the company's application for an MCTO to be issued.

As previously announced by press release dated Nov. 28, 2013, the application for the MCTO was made by the company in respect to the late filing of the corporation's interim financial statements, accompanying management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the period ended Sept. 30, 2013, which were to be filed at the latest on Nov. 29, 2013. The reason for the delay is that the company is considering impairment charges against its assets and needs more time to determine the appropriate impairment for inclusion in its financial reporting.

The MCTO restricts all trading in securities of the company, whether direct or indirect, by the chief executive officer and the chief financial officer of the company until such time as the third quarter filings have been filed by the company. The MCTO does not affect the ability of shareholders who are not insiders of the corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could in future determine, in their discretion, that it would be appropriate to issue a general cease trade order against the company affecting all of the securities of the company. A copy of the MCTO will be posted to the company's website.

Until the MCTO is lifted, Stans will comply with the alternative information guidelines set out in National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults, for issuers that have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release, and one will be forthcoming in the prescribed time frame.

The company anticipates that it will be in a position to remedy the default by filing the required filings by Jan. 28, 2014. The MCTO will be in effect until after the required filings are filed.

There are no insolvency proceedings to which the company is subject.

There is no material information concerning the affairs of the company that has not been generally disclosed.

We seek Safe Harbor.

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