DiagnaMed Closes Acquisition of Nova Scotia Natural Hydrogen Project

DiagnaMed Holdings Corp. (CSE: DMED) has closed the acquisition of the Colchester East Natural Hydrogen Project in Nova Scotia's Cumberland Basin. The property comprises 30 licenses totaling 2,104 claims.

Under the transaction terms, DiagnaMed paid $10,000 in cash and issued 10,000,000 common shares valued at $0.06 per share to two arm's length vendors. Each vendor received 5,000,000 shares subject to a four-month-and-one-day statutory hold period.

The vendors retain a 2.0% gross revenue royalty on hydrogen, helium, or other mineral products sold from the property. DiagnaMed holds an option to purchase 50% of the royalty for $2,000,000.

The company stated the acquisition positions it within Canada's most active natural hydrogen corridor and complements its existing land position in Ontario's Temiscamingue hydrogen corridor.

Separately, DiagnaMed's Board of Directors granted 7,000,000 options at an exercise price of $0.075 to directors, officers, and service providers. The options have a two-year exercise term.

Originally reported by Hydrogen Central. Read the full article →