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South America’s Nilam Resources plans to buy 24,800 bitcoins

Such a large investment may represent confidence in Bitcoin’s growth potential and a desire to diversify the company’s investment portfolio.

Date: 2024-03-26 Author: Łukasz Michałek
South America’s Nilam Resources plans to buy 24,800 bitcoins

Nilam Resources has signed a letter of intent with Xyberdata to purchase $1.70 billion worth of bitcoin amid the ongoing growth of the cryptocurrency market.

According to a March 25 announcement by Nilam Resources, Inc. the acquisition involves Mauritius-based MindWave, which holds 24,800 bitcoin and other digital assets.

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Nilam Resources acquires 24,800 Bitcoin

The 24,800 Bitcoin acquired will serve as collateral for Nilam Resources to raise capital for high-return projects. The company also plans to issue newly authorized Class C preferred shares at a rate discounted to current market prices.

“Over the past several months, the company and team have been working diligently to finalize all agreements and conduct the due diligence necessary to draft a legally binding letter of intent (LOI),” – Pranjali More, CEO of Nilam Resources, said.

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With the current market growth and the recognition of Bitcoin by the financial markets, the deal would give Nilam Resources’ assets a valuation in excess of $1 billion. It said the company reiterates its focus on an inclusive, sustainable and transparent economy.

“We are defined by transparency, innovation and sustainability. We prioritize clear communication, implementing cutting-edge ideas and investing in projects with lasting social and environmental impact,” More said.

New preferred class of C shares

Details and terms of the acquisition will be set forth in future definitive agreements. This agreement will provide Nilam Resources with full ownership of MindWave, transforming it into a subsidiary.

As part of the strategic capital shift, MindWave shareholders intend to exchange their shares for Preferred Shares (Class C) of Nilam Resources.

Holders of this new Preferred Class C will receive conversion rights for events such as NASDAQ listings or similar liquidity-generating opportunities, which will be proportionately distributed to shareholders.

Under Rule 144 of the Securities Act of 1933, Class C shares, referred to as “restricted securities,” will be subject to certain rules and restrictions upon issuance.

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

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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