Diabex

Diabex

A brand name for METFORMIN.
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For example, Diabex was correctly identified as metformin by 56% of respondents, whereas 100% were able to describe it as an oral hypoglycaemic agent.
The investor has agreed to subscribe for a total of 679,054 common shares of Diabex at a price of $0.
Diabex will use the proceeds of this subscription to finance its 50 percent participation in the current exploration program underway on its Laguna Del Alto gold and base metals property in Chile.
On the Janice II property, in which Diabex can earn a 80 percent interest, a one-day visit by the company's geologist has permitted to analyse a grab sample which returned a gold content of 32.
Diabex can acquire its interest over the next seven years by paying a total of US$3,000,000, of which US$40,000 is payable on October 20, 1996, US$60,000 is payable on December 20, 1996, and US$100,000 on October 20, 1997.
To earn its interest, Diabex must pay US$25,000 on October 20, 1996, pay US$50,000 and issue 100,000 shares on December 20, 1996, issue a further 150,000 shares on December 20, 1998, and incur a total of US$1,000,000 over the next two years.
As reported to the meeting of shareholders, the management of Diabex intends to concentrate its activities in South America and more specifically in Chili, where the company announced on May 21st that it had acquired a 50 percent interest in the Laguna Del Alto gold project where geological reserves of 3,500,000 tonnes grading 1.
During the next 12 months, the company also wishes to complete a $150,000 drilling program on the Cavga gold property located in the Matagami area, Quebec, in which Diabex can earn a 50 percent interest.
As per the agreement, Normabec and Diabex will be entitled to earn a 100 percent interest in the Laguna Del Alto property to be shared equally by both companies for the consideration of payments totalling $1,800,000 U.
Normabec and Diabex will equally share all the costs stemming from the acquisition and development of the property.
13, 1995--DIABEX RESOURCES (ME:DBX) Diabex Resources Inc.