Shell Is in Early Talks to Acquire Oil Rival BP, WSJ Reports
Talks between company representatives are active, but any terms of a potential deal couldn't be learned and a transaction is far from certain, the newspaper reported, citing people familiar with the matter.
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Yahoo
16 minutes ago
- Yahoo
East Africa Metals Inc. Announces MOU for the Development of the Magambazi/Handeni Mining Project in Tanzania
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2025) - East Africa Metals Inc. (TSXV: EAM) ("EAM" or the "Company"), is pleased to announce that the Company has entered into a binding Memorandum of Understanding ("MOU") with Ubora Minerals Company Limited ("Ubora") to acquire and develop the Company's Magambazi and Handeni mining project in Tanzania. Ubora is a subsidiary company of Anchises Capital Precious Metal Fund LLC ("Anchises"), which holds 50,200,000 common shares of the Company, representing approximately 18.66% of the Company's issued and outstanding shares. Accordingly, Ubora is a "Non-Arm's Length Party" of the Company, as defined under the policies of the TSX Venture Exchange. Terms of the MOU include: Cash payment of US$1.0 million upon signing of a definitive agreement that replaces the MOU (a "Definitive Agreement"), in lieu of US$1.7 million owed to EAM by PMM Mining Company Limited ("PMM"). 4% Net Smelter Returns royalty, subject to annual minimum royalty, advanced royalties, and cumulative 10-year guarantee payment terms. Buyout of PMM's interest in the Magambazi/Handeni project. Project development within 48 months after obtaining all necessary approvals and acquiring control of the project, as required by applicable regulatory authorities. A minimum annual production rate of 40,000 ounces of gold within 48 months of commercial production. In October 2020, the Company signed a Share Purchase Agreement and Gold Purchase Agreement with PMM, a Tanzanian private company, to develop the Magambazi mining project. In December 2022 due to PMM's lack of performance, non-compliance with the terms and conditions of the Mining License Agreement respecting the project and a litany of breaches to PMM's agreements with the Company, the Tanzanian Ministry of Minerals suspended PMM's operations at the project site and the renewal of the mining licenses. Since that time EAM's management has been engaged with the Tanzanian government and PMM to resolve issues inhibiting the development of commercial mining operations at Magambazi. In August 2024, the Tanzanian Government intervened again to mediate a resolution to PMM's non-compliance. The Minister of Minerals imposed a process under which EAM and PMM were instructed to engage in discussions and develop an MOU to mutually agree on appointing a third-party developer to advance the Magambazi Project. The MOU and the transaction represented thereunder is subject to a number of conditions, including approval by the Tanzanian Mining Commission and other relevant government authorities, the entering of a Definitive Agreement, and approval of the TSX Venture Exchange. As noted above, Ubora is an affiliate of Anchises, and accordingly the transaction contemplated in the MOU is a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation requirement under MI 61-101 because no securities of the Company are listed on any of the markets specified in Section 5.5(b) of MI 61-101 and is exempt from the minority shareholder approval requirement under MI 61-101 because the aggregate fair market value of the transaction does not exceed 25% of the Company's market capitalization. About East Africa Metals Inc. The Company's principal assets include a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines (collectively "Adyabo Property") and a 70% project interest in the Harvest polymetallic VMS Exploration Project in the Tigray Region of Ethiopia. In addition, the Company has a 30% Net Streaming Interest in the Magambazi Mine in the Tanga Region of Tanzania. EAM has invested US$66.8M in African exploration since 2005 and has identified a total of 2.8 million ounces of gold and gold-equivalent resources representing an average discovery cost per ounce of US$24. More information on the Company can be viewed at the Company's website: For further information please contact: Nick Watters, Business DevelopmentTelephone +1 (604) 488-0822Email investors@ Cautionary Statement Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should", "indicate" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: timing of receipt of mining permit; timing of mining development; projected heap leach recoveries ; early exploration; the closing of the agreement with the exploration and development company to advance the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa's projections and estimates, including the initial mineral resource for the Adyabo, Harvest and Magambazi Properties; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in in East Africa's management's discussion and analysis for the three months and nine months ended December 31, 2024 and for the year ended March 31, 2024, and East Africa's listing application dated July 8, 2013. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estimated quantities will be produced. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the timely closing of the financing; the timely execution of the Handeni Property Definitive Agreement and closing thereunder; the price of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; the renewal or extension of exploration Licenses; the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit
New York Post
17 minutes ago
- New York Post
Gilded Age-era mansion near NYC for $29.5M sits on a sprawling mountaintop plot — equivalent to 20% of Central Park
Why buy on Billionaires' Row when you can purchase a lush landscape nearly 20% the size of Central Park? A massive estate in the Hudson Valley village of Tuxedo Park is on the market for $29.5 million, the Wall Street Journal reported. The historic spread occupies a whopping 151 acres — nearly one-fifth the size of Central Park. Not only is the property the largest estate in the famously exclusive enclave, its listing price positions it as Orange County's most expensive dwelling ever sold. 10 An aerial view of the circa-1928 estate. Ian Alexander Nelson for Ellis Sothebyâs International Realty Advertisement 10 The 14,000-square-foot main residence was designed after the fairytale-like French Provincial style. Ian Alexander Nelson for Ellis Sothebyâs International Realty The circa-1928 plot is a vestige of Tuxedo Park's hoity-toity origins, when New York City's Gilded Age elite flocked upstate to frolic through the woods. Nicknamed Renamor, the sprawling estate was purpose-built as a retreat for such a high society set, and still retains much of its old-world charm. Renamor hosts three separate residences, according to the listing, held by agent Richard Ellis of Ellis Sotheby's International Realty. Advertisement The 16-bedroom property was last sold in the 1990s to the late Olympic fencer and investment manager Robert Dow and his wife, former asset manager Christina Seix, the Journal reported. The main residence cuts a romantic figure among the property's lush shrubbery and forests. Its clay tiles, dormer windows, stone and stucco façade and period ironwork are hallmarks of the fairytale-like French Provincial style. 10 The great hall. Ian Alexander Nelson for Ellis Sothebyâs International Realty 10 A sitting room features hand-painted murals and a vaulted ceiling. Ian Alexander Nelson for Ellis Sothebyâs International Realty Advertisement 10 The wood-paneled library. Ian Alexander Nelson for Ellis Sothebyâs International Realty 10 The chef's kitchen. Ian Alexander Nelson for Ellis Sothebyâs International Realty The interiors of the mansion span 14,000 square feet. Guests are greeted with wood beams in the great hall, intricately carved mantels over wood-burning fireplaces, a banquet-sized dining room and a salon with gold leaf trim. Interior amenities include a yellow chef's kitchen and a dedicated wine cellar. A separate six-bedroom guesthouse and a two-bedroom carriage house make up Renamor's other two residences. The rambling property also features a boathouse, a spa, two swimming pools, a tennis court, a tea house and even a one-room log cabin. Advertisement The Dow's daughter and manager of the sale, Lindsay Dow, told the Journal that the secluded log cabin makes one feel 'like you're a pioneer,' and said her parents went there for date nights. 10 An idyllic tea house. Ian Alexander Nelson for Ellis Sothebyâs International Realty 10 The one-room log cabin overlooks lush vistas. Ian Alexander Nelson for Ellis Sothebyâs International Realty 10 The tennis court and one of two pools. Ian Alexander Nelson for Ellis Sothebyâs International Realty 10 The solar array helped to take the massive home off-grid. Ian Alexander Nelson for Ellis Sothebyâs International Realty The off-the-grid property also boasts its own renewable power source. The Dows built a 2,000-kilowatt solar field to remedy their massive heating bills, the Journal reported, and Renamor now runs on both geothermal and the sun's energy. Renamor's size renders it a rare standout among the generally grand homes of Tuxedo Park. The gated village, founded in the late nineteenth century alongside a lake in the Ramapo Mountains, sits roughly 40 miles from New York City. Its private country club famously claims to have introduced the country to the English dinner jacket, known stateside as the tuxedo. If Renamor is anything to go by, the well-heeled community's tony reputation is secured for many more decades to come.
TechCrunch
17 minutes ago
- TechCrunch
Les Amis, the European app helping women form friendships, launches in New York
Making friends as an adult can be tough, especially after moving to a new city. Luckily, modern technology exists, and more people are turning to apps like Bumble For Friends, Flox, and Timeleft to form new friendships quickly. One app called Les Amis aims to stand out by targeting women, transgender, and LGBTQ+ individuals, primarily in the mid-20s to early 40s age demographic. Les Amis uses AI to pair users with similar interests and encourages them to join local events offered within the app, such as pottery classes, book clubs, wine tastings, and pilates. Anna Bilych (ex-PayPal) created the app in 2022 alongside her co-founder, Oleg Pashinin (ex-Google AI), after struggling to rebuild her social circle after relocating. Now the European-founded app is currently rolling out to U.S. markets. It launched in New York earlier this month. Image Credits:Les Amis Les Amis (the French word for 'friends') is designed to make it easy for users to connect with like-minded individuals in their area. It features a setup similar to dating apps, where users create profiles by selecting profile photos, writing a bio, and choosing from a list of interests, which include poetry, gardening, yoga, martial arts, and more. The app includes an AI assistant named 'Amis,' which aids in the matching process. Every two weeks, users can participate in matching rounds where the AI connects them with a potential friend based on shared interests. It also connects them to others in similar life stages—whether they're single, married, a mother, new to town, or even looking to network with someone in a comparable career field. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW The AI determines matches on Mondays, giving users ample time to chat and coordinate meetups later in the week. Additionally, the app features an explore page for users to sign up for local events and experiences, such as workshops, social gatherings, and recreational activities. It also recently launched 'Trips,' where users can travel in groups to destinations like Morocco, Iceland, and the Amalfi Coast. Image Credits:Les Amis The app operates on a membership-based business model, with fees that vary by city. For example, the monthly fee is $70 in New York and €55 in Amsterdam. The membership includes a flexible credit system to spend toward experiences, which can be spent in any city where Les Amis is available, enabling members to attend events while traveling. Les Amis is available on iOS and Android devices across Europe, including Amsterdam, Barcelona, Berlin, Madrid, Milan, Munich, Paris, and Stockholm. As for U.S. markets, the app was introduced in Austin last May, in addition to New York. Les Amis plans to expand to Boston next, followed by Washington, D.C., next month, and Miami in October. A launch in Los Angeles is also on the roadmap. It's important to note that there are currently no Les Amis events happening in New York, but they will soon launch on August 25. The app is still in the application acceptance phase and has received over 2,000 applications from users in New York. In total, the app touts about 120,000 installs, and around 30,000 women have attended events to date. The company also reports that it has recently reached an annual run rate of $1 million.
