Violet Vallaya
South American gold mining company Nilam Resources has made a significant move in the cryptocurrency world by signing a Letter of Intent (LOI) with Xyberdata to acquire a substantial amount of Bitcoin.
According to a press release Monday, the company is set to acquire 24,800 Bitcoins, valued at approximately $1.7 billion at the time of the announcement.
As part of this acquisition, Nilam Resources will gain 100% ownership of MindWave, a special purpose entity based in Mauritius, responsible for holding digital assets, including Bitcoin. These assets will serve as collateral to secure capital for investment in high-yield projects.
Pranjali More, CEO of Nilam Resources, expressed pride in the team’s efforts over the past months in reaching this significant milestone. More said, “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.”
The acquisition agreement stipulates that MindWave will become a subsidiary of Nilam Resources. Shareholders of MindWave are set to receive the newly issued Preferred Shares (Class C) in return for their equity interest.
Keshwarsingh Nadan, Director of Xyberdata, expressed enthusiasm about the collaborative effort and the chance to work with prominent figures in the fintech industry. “This LOI allows our team to work in unison with some of the best minds in Fintech. The Xyberdata team has a proven track record of strategic partnerships, acquisitions, and continued support innovation for the industry,” said Nadan.
