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South American gold mining company Nilam Resources files letter of intent to acquire 24,800 Bitcoins


Nilam Resources, Inc., a precious metals mining company with primary assets in Peru, announced that it has entered into a Letter of Intent (LOI) with Xyberdata Ltd. to acquire 24,800 bitcoins. This agreement involves acquiring 100% of the ordinary shares of a special purpose entity named MindWave, to be established in Mauritius, which will hold the BTC as well as other assets.

“Nilam Resources, Inc. announced today that it has entered into a letter of intent (LOI) with Xyberdata Ltd to acquire 100% of the common shares of a special purpose entity, to be established under the name MindWave and which will hold 24 800 Bitcoins,” the announcement reads. “Nilam Resources, Inc. will issue a newly authorized preferred class of Series C shares in exchange for 24,800 Bitcoins at a discounted rate from current market prices.”

Pranjali More, CEO of Nilam Resources, Inc., expressed excitement about the deal, saying, “The company and team have worked diligently over the past few months to finalize all agreements and conduct due diligence reasonable to proceed with a legally binding letter of intent (LOI). As Bitcoin is increasingly recognized as the “Gold Standard” in digital transactions, according to the announcement, this transaction aims to align with Nilam Resources’ vision of driving positive change in the digital economy.

The terms of the acquisition will be outlined in definitive agreements, with MindWave expected to become a subsidiary of Nilam Resources, Inc. MindWave shareholders will exchange their interest for a new class of preferred stock (Class C) issued by NILA, providing a conversion rights upon NASDAQ listing or other liquidity events.

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

Amid this news, X users have expressed doubts about the company’s ability to purchase the bitcoin it claims. Bitcoin Magazine has contacted Nilam Resources for comment and is awaiting their response.


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