Nilam Resources, Inc., a precious metals mining company with major assets in Peru, announced that it will enter into a letter of intent (LOI) with Xyberdata Ltd. To get 24,800 bitcoins. This agreement includes the acquisition of 100% of the common shares of a special purpose entity called MindWave, to be established in Mauritius, which will hold Bitcoin along with other assets.
JUST IN: 🇵🇪 Gold mining company Nilam Resources acquires $24,800 #Bitcoin With a value of $1.76 billion.
– Bitcoin Magazine (@BitcoinMagazine) March 25, 2024
“Nilam Resources, Inc. today announced that it has entered into a letter of intent (LOI) with Xyberdata Ltd. to acquire 100% of the common stock of a special purpose entity, to be created under the name MindWave, that will hold 24,800 bitcoins,” the announcement said. “It will Nilam Resources, Inc. “By issuing a newly approved preferred class of Series C shares for 24,800 Bitcoins at a discount to current market prices.”
Pranjali More, CEO of Nilam Resources, Inc., expressed his enthusiasm about the agreement, saying, “The company and team have worked hard over the past few months to finalize all agreements and due diligence necessary to move forward with a legally binding letter of intent (letter Intentions).” With Bitcoin gaining recognition as the “gold standard” in digital transactions, according to the announcement, this transaction aligns with Neelam Resources’ vision to lead positive change in the digital economy.
The terms of the acquisition will be specified in definitive agreements, and MindWave is expected to become a subsidiary of Nilam Resources, Inc. MindWave shareholders will exchange their equity interests for a new class of preferred stock (Class C) issued by NILA, providing conversion rights upon a Nasdaq listing or other liquidity event.
“The Letter of Intent (LOI) allows our team to work in unison with some of the best minds in fintech,” said Mr. Nadan, Director, Xyberdata Ltd. “The Xyberdata Ltd. team has a proven track record of strategic partnerships, acquisitions and ongoing support of industry innovation.
