Key Points
- In a new press release, the South American gold miner Nilam Resources reveals plans to buy 24,800 Bitcoin.
- The notes reveal the company’s intent to acquire 100% of the common stock of a special purpose entity set to hold the BTC.
Nilam Resources investment holding company just announced plans to buy 24,800 Bitcoin. The company stated that it had just entered into a Letter of Intent with Xyberdata Ltd to buy 100% of the common stock of a special purpose entity under the name MindWave that is set to hold BTC.
Xyberdata, formerly known as 101 Systems Ltd and headquartered in Mauritius, is a leading player in global connectivity services, and it has a network spanning Africa, Asia, North America, Oceania, Europe, and South America.
The gold miner will reportedly issue a newly authorized Preferred Class of Series C Stock in exchange for 24,800 Bitcoins. The purchase will be made at a discounted rate relative to current market prices.
Nilam Resources will buy 100% of MindWave’s capital stock. This is a special-purpose entity located in Mauritius.
According to the official press release, the assets will serve as collateral to raise capital for investing in high-yield generating projects.
This new acquisition is marking a huge strategic milestone for the gold miner, representing over a billion dollars in crypto.
Nilam Resources CEO addresses the agreement
Pranjali More, CEO of Nilam Resources, Inc., stated the following:
“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).”
The announcement comes amidst a significant rally that the crypto market is seeing lately, and if we add on top the fact that Bitcoin is recognized as the Gold Standard and the future of digital transactions, it’s obvious that Nilam Resources is set to mark an important milestone.
More continued and commented:
“Transparency, innovation, and sustainability define us. We prioritize clear communication, embrace cutting-edge ideas, and invest in projects with enduring social and environmental impact.”
More details regarding the acquisition are expected to come soon, and MindWave is on its way to becoming a subsidiary of Nilam Resources.
With this new move, Nilam Resources supports the continuous development of emerging technologies, contributing to their growth while generating high returns for investors.
Currently, Bitcoin is trading in the green, once again above $70k. BTC is up by more than 5% in the past 24 hours on CoinMarketCap.
Bitcoin surpassed $70,000 on March 25 due to renewed accumulation, resulting in a 9-year low in supply on Coinbase.
