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Diagnamed Closed the Acquisition of the Colchester East Natural Hydrogen Project in Nova Scotia

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Diagnamed (DMED.CN) on Friday said it closed its acquisition of the Colchester East Natural Hydrogen Project, consisting of 30 licenses totaling 2,104 claims located within the Cumberland Basin in Nova Scotia.

The company acquired the property by paying $10,000 in cash, and issuing 10-million shares with a deemed price of $0.06..

The two arm's length vendors of the property each received 5-million shares. The vendors were also granted a 2.0% gross revenue royalty on hydrogen, helium or any other mineral product sold from the property.

The company may buy, at its sole option, 50% of the royalty at any time for $2 million, it added.

Shares of the company were last seen down $0.005 at $0.065 on the Canadian Securities Exchange.

Price: $0.07, Change: $-0.01, Percent Change: -7.14%

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