Gold miner Nilam Resources seeks to acquire 24,800 Bitcoin
Nilam appears to have discovered a new gold rush.
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South American gold mining company Nilam Resources has signed a Letter of Intent (LOI) with Xyberdata Ltd. to acquire 24,800 Bitcoins, worth around $1.7 billion at the time of writing, according to a press release published on Monday. The company said that it would issue a new Preferred Class of Series C Stock in exchange for 24,800 Bitcoin. This transaction is set to occur at a rate below the current market value.
As part of this acquisition, the firm will take 100% ownership of MindWave, a special purpose entity in Mauritius, which will hold digital assets, including Bitcoin. These assets will be used as collateral to secure capital for investment in high-yield projects.
Pranjali More, CEO of Nilam Resources, highlighted the diligent work of the team over the past months to reach this stage.
“The Company and team have been working diligently over the last several months to finalize all agreements and due diligence necessary to proceed [with] a legally binding Letter of Intent (LOI),” said More.
The company’s move comes at a time when Bitcoin is increasingly being recognized as the “Gold Standard” of digital transactions. With the market rally, Nilam Resources’ assets are expected to exceed one billion US dollars. More also emphasized the company’s commitment to transparency, innovation, and sustainability, aligning with its vision of a future where finance is inclusive and sustainable.
The terms of the acquisition will be detailed in forthcoming definitive agreements, with the expectation that MindWave will 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 come with conversion rights upon listing on NASDAQ or other liquidity events and will be considered “restricted securities.”
Keshwarsingh Nadan, Director of Xyberdata Ltd., expressed enthusiasm about the partnership, citing the team’s ability to work with leading minds in fintech.
“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 [for] innovation [in] the industry,” said Nadan.
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