Nilam Resources, Inc., a precious metals mining company with main assets in Peru, has bitcoin.html”>Announced is entering into a letter of intent (LOI) with Xyberdata Ltd. to acquire 24,800 bitcoins. This deal involves the acquisition of 100% of the common shares of a special purpose entity called MindWave, to be established in Mauritius, which will hold the btc along with other assets.
ONLY IN: Gold mining company Nilam Resources to acquire 24,800 bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin valued at 1.76 billion dollars.
– bitcoin Magazine (@BitcoinMagazine) March 25, 2024
“Nilam Resources, Inc. announced today that it has signed a letter of intent (LOI) with Xyberdata Ltd to acquire 100% of the common shares of a special purpose entity, to be established under the name MindWave and which will hold 24,800 bitcoin . ”the ad said. “Nilam Resources, Inc., will issue a newly authorized Series C Preferred Class of Shares in exchange for 24,800 Bitcoins at a discount rate relative to current market prices.”
Pranjali More, CEO of Nilam Resources, Inc., expressed excitement about the deal, stating: “The company and the team have been working diligently over the past few months to finalize all agreements and due diligence necessary to proceed to a letter of legally binding intent (LOI).” As bitcoin is gaining recognition as the “gold standard” in digital transactions, according to the announcement, this transaction aims to align with Nilam Resources’ vision of driving positive change in the economy. digital.
The terms of the acquisition will be outlined in definitive agreements, and MindWave is expected to become a subsidiary of Nilam Resources, Inc. MindWave shareholders will exchange their equity interest for a new class of preferred stock (Class C) issued by NILA, that offers conversion. rights upon listing on NASDAQ or other liquidity events.
“This Letter of Intent (LOI) allows our team to work in unison with some of the best minds in Fintech,” said Nadan, Director of Xyberdata Ltd. “The Xyberdata Ltd. team has a proven track record of strategic partnerships, acquisitions and continuous support for innovation for the industry.”
Amid this news, X users have questioned whether the company could afford to buy the bitcoin it claims. bitcoin Magazine contacted Nilam Resources for comment and is awaiting their response.
I deleted my tweet about that gold explorer buying 24k btc, after a commenter pointed out that it's actually a stunt from a dying penny stock ($5 million market cap). Perhaps it is a harbinger of things to come, but this is, in fact, not great news.
(Press release:… pic.twitter.com/Vd4p4Dpm6d
– Tuur Demeester (@TuurDemeester) March 25, 2024
