Gold Miner Ventures into Cryptocurrency: Nilam Resources to Acquire 24,800 Bitcoin
South American gold and precious metals producer Nilam Resources (NILA) is venturing into the world of cryptocurrency by announcing its intention to acquire 100% of the common stock of a special purpose entity holding 24...
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South American gold and precious metals producer Nilam Resources (NILA) is venturing into the world of cryptocurrency by announcing its intention to acquire 100% of the common stock of a special purpose entity holding 24,800 Bitcoin (BTC). This move comes as the exploration-stage mining company signed a letter of intent with Xyberdata Ltd.
The special purpose entity, to be named MindWave, will be established for this purpose. Nilam Resources plans to issue a newly authorized Preferred Class of Series C Stock in exchange for the Bitcoins, which will be offered at a discounted rate compared to current market prices.
With full control over MindWave’s capital stock, Nilam Resources aims to use the 24,800 Bitcoins, along with other assets, as collateral to raise capital for investment in high-yield generating projects.
Under the agreement, shareholders of MindWave will exchange their equity interest for the newly issued Preferred Shares of Class C stock authorized and issued by NILA.
The newly created Class C Preferred Stock is expected to offer conversion rights upon listing on NASDAQ, another national exchange, or other defined liquidity events. These shares will be issued pro rata to the shareholders and will be considered ‘restricted securities’ as per Rule 144 under the Securities Act of 1933.
Pranjali More, CEO of Nilam Resources, affirmed that the company and its team have been diligently working over the past few months to complete all agreements and due diligence required to advance towards a legally binding Letter of Intent.
Following this acquisition, Nilam Resources’ assets will surpass one billion dollars.
In a press release, the company emphasized that this move aligns with its vision, mission, and core values, aiming for an inclusive and sustainable financial future while driving positive change in the digital economy.
Pranjali More, COO of Nilam Resources, highlighted the company’s commitment to transparency, innovation, and sustainability, prioritizing clear communication and investing in projects with enduring social and environmental impact.
Featured Image: Freepik
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This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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