South American Gold Miner Nilam Resources Plans to Buy 24,800 Bitcoin

Bitcoin Bitcoin Price

Author

Hongji Feng

Author

Hongji Feng

About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

Author Profile

Share

Copied

Last updated: 

March 26, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Nilam Resources has signed a letter of intent with Xyberdata to buy $1.70 billion worth of bitcoin amid the ongoing crypto market rally.

According to Nilam Resources, Inc.’s announcement on March 25, the acquisition involves the Mauritius-based special purpose entity MindWave, which holds 24,800 Bitcoin and other digital assets.

Nilam Resources Acquires 24,800 Bitcoin

The acquired 24,800 Bitcoin will act as collateral for Nilam Resources to raise capital for high-yield projects. The company also plans to issue a newly authorized Preferred Class of Series C Stock at a rate discounted from current market prices.

“The Company and team have been working diligently over the last several months to finalize all agreements and due diligence necessary to proceed to a legally binding Letter of Intent (LOI),” said Nilam Resources CEO Pranjali More.

Amid the current market rally and financial markets’ recognition of Bitcoin, this transaction would position Nilam Resources’ assets at a valuation exceeding one billion USD. The company is stated to reiterate its focus on inclusive, sustainable, and transparent economy.

“Transparency, innovation, and sustainability define us. We prioritize clear communication, embrace cutting-edge ideas, and invest in projects with enduring social and environmental impact,” said More.

New Preferred Class of Series C Stock

The acquisition details and terms will be outlined in forthcoming definitive agreements. This arrangement will grant Nilam Resources full ownership of MindWave, transforming it into a subsidiary.

MindWave shareholders are set to exchange their shares for Nilam Resources’ newly authorized Preferred Shares (Class C) as a strategic equity shift.

This new Preferred Stock Class C will offer holders conversion rights for events such as NASDAQ listings or similar liquidity opportunities, distributed proportionally among shareholders.

Class C shares, designated as “restricted securities” under Rule 144 of the Securities Act of 1933, will be subject to certain conditions and limitations post-issuance.

“This Letter of Intent (LOI) allows our team to work in unison with some of the best minds in Fintech. The Xyberdata Ltd.team has a proven track record of strategic partnerships, acquisitions and continued support innovation for the industry,” stated Xyberdata Director Keshwarsingh Nadan.