Nilam Resources, a South American gold mining company, has entered into a Letter of Intent (LOI) with Xyberdata Ltd. to purchase 24,800 Bitcoins, valued at approximately $1.7 billion at the current market rate. The company intends to issue a new Preferred Class of Series C Stock in exchange for the Bitcoins, with the transaction set to be executed below the prevailing market value.
As part of the deal, Nilam Resources will gain full ownership of MindWave, a special purpose entity based in Mauritius that holds digital assets, including Bitcoin. These assets will serve as collateral for securing capital to invest in high-yield projects.
Pranjali More, CEO of Nilam Resources, praised the team’s efforts in finalising the necessary agreements and due diligence to reach this stage.
The decision to acquire Bitcoin aligns with the growing recognition of Bitcoin as the “Gold Standard” of digital transactions. With the market’s upward momentum, Nilam Resources’ assets are anticipated to surpass one billion US dollars. More stressed the company’s dedication to transparency, innovation, and sustainability, in line with its vision of an inclusive and sustainable financial future.
Further details of the acquisition will be outlined in forthcoming definitive agreements, with MindWave expected to become a subsidiary of Nilam Resources. Shareholders of MindWave will receive the new class of Preferred Shares (Class C) in exchange for their equity interest. These shares will be subject to conversion rights upon listing on NASDAQ or other liquidity events and will be considered “restricted securities.”
Keshwarsingh Nadan, Director of Xyberdata Ltd., expressed excitement about the partnership, highlighting the team’s ability to collaborate with leading figures in the fintech industry.