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Stans Energy's acquisition of Pervomayskiy hits legal snag


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Stans Energy's acquisition of Pervomayskiy hits legal snag

Stans Energy Corp. said June 5 that its legal counsel identified several legal issues requiring attention from Pervomayskiy GOK LLC, related to the acquisition of the Pervomayskiy lithium project in Ukraine.

The company entered a memorandum of understanding August 2016 to acquire Pervomayskiy and its lithium mineralization stockpile and mill. The due diligence process is ongoing.

Stans Energy's counsel, Norton Rose Fulbright, recently indicated underlying issues with the land assembly of various parcels, where the infrastructure and mineralized material are situated.

Pervomayskiy is working on resolving all of the legal concerns, according to the statement.

Stans Energy also reported that its partners secured a grant of 400 million Russian rubles from the State Atomic Agency Corp. and the Ministry of Education of The Russian Federation.

The grant will be used to develop an industrial scale prototype for the production of lithium concentrate and lithium carbonate using mineralized material from the Pervomayskiy stockpile.

As of June 5, US$1 was equivalent to 56.63 Russian rubles.