The announcement was made by Nilam Resources, Inc. that it has signed a Letter of Intent (LOI) with Xyberdata Ltd. to purchase all of the common shares of a special purpose company called MindWave, which will contain 24,800 Bitcoin. 24,800 Bitcoins will be exchanged for a newly approved Preferred Class of Series C Stock by Nilam Resources, Inc. at a discount to the current market price.
Adopting Bitcoin as a Strategic Move
The audacious decision to buy 24,800 Bitcoin (BTC) by Peruvian gold miner Nilam Resources, Inc. (OTC PINK: NILA) is a big step into the world of digital asset investing. The effort seeks to create MindWave, a special purpose corporation in Mauritius to hold the acquired digital assets. It is made possible by a Letter of Intent (LOI) with Xyberdata Ltd.
Pranjali More, CEO of Nilam Resources, Inc., said,
The acquisition, which includes digital assets valued at over $1 billion, signals a major strategic turning point for the business.The acquisition, which includes digital assets valued at over $1 billion, signals a major strategic turning point for the business.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).”
Nilam Resources gains assets valued at more than $1 billion USD from this purchase, which coincides with the market’s current upswing and the financial community’s acknowledgment of Bitcoin as the “Gold Standard” and the direction of digital transactions.
One or more final agreements will provide a full description of the terms and conditions of the purchase. Anticipated is the purchase of a whole stake in MindWave, converting it into a Nilam Resources, Inc. subsidiary. The Mindwave shareholders will receive a new class of Preferred Shares (Class C) approved and issued by NILA in return for their ownership stake in Mindwave.
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A percentage of the company’s preferred shares are anticipated to be included in the new class of preferred stock (Class C), which would entitle holders to conversion rights upon listing on NASDAQ or another national market or other specified liquidity events. The stockholders will receive these shares pro rata. The Securities Act of 1933, as amended, and Rule 144 thereunder define “restricted securities,” which applies to all shares of Preferred Stock Class C issued in connection with the transactions thus proposed.
Our team has the opportunity to collaborate with some of the top Fintech thinkers thanks to this Letter of Intent (LOI). Mr. Nadan, Director of Xyberdata Ltd., said, “The Xyberdata Ltd. team has a proven track record of strategic partnerships, acquisitions, and continued support innovation for the industry.”
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Taking a cue from Michael Saylor, Nilam Resources is launching a new class of Preferred Series C Stock to purchase Bitcoin at a discount to current market values. In an effort to acquire digital assets valued at more than $1 billion, the corporation is demonstrating its dedication to innovation and diversity through this calculated move.
Public Concern
Concerns have been expressed over the transaction’s nature and possible ramifications by Dylan LeClair and @hodlonaut.
There are still unanswered concerns regarding Nilam’s financial plan and the strategies it could use to raise money for the substantial Bitcoin acquisition.
Getting Around FOMO (fear of missing out)
Nilam Resources is receiving support and criticism from members of the Bitcoin community as well as industry professionals as it proceeds with its ambitious goal. Although the conclusion of this initiative is yet unknown, it does demonstrate how the acceptance of digital assets in conventional businesses is changing.
Diverse Responses from the Bitcoin Community
The Bitcoin community has expressed doubt about this decision, despite Nilam Resources viewing it as a significant strategic milestone. Prominent individuals such as Matthew Sigel and Tuur Demeester have voiced skepticism over the company’s intentions and the viability of the acquisition.
About Nilam Resources, Inc.
An investment holding firm leading the way in innovation and strategic evolution is Nilam Resources, Inc. Frontier technologies and applications are dynamic domains that the company embraces with a focus on development, quality, and good impact. By purchasing, owning, and occasionally actively managing a portfolio of companies across a variety of sectors, such as FinTech, MedTech, ClimateTech, and more, its primary objective is to create profits on its investments. NILA hopes to capitalize on the creative potential of these technologies, support their expansion, and provide returns for its investors by diversifying into these vertical markets.
About Xyberdata
Based in Mauritius, Xyberdata (previously 101 Systems Ltd) is a major player in the worldwide connection services market. Xyberdata has played a vital role in maintaining global connectivity since 2011. We provide an uninterrupted connection for our clients with a network that spans Africa, Asia, Europe, North America, Oceania, and South America and has 1,800 MPLS endpoints and 80,000 kilometres of optical fibre. Businesses all across the world rely on us to provide their essential services.
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