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Nilam Resources Signs LOI to Acquire Entity Holding 24,800 Bitcoins

26/03 08:43

According to PANews, Nilam Resources, Inc. (OTC PINK: NILA) has announced that it has signed a Letter of Intent (LOI) with Xyberdata Ltd to acquire 100% of the common shares of a special purpose entity, which will be established under the name MindWave and will hold 24,800 Bitcoins, valued at over $1.7 billion at current prices. Nilam Resources, Inc. will issue newly authorized Series C preferred shares in exchange for the 24,800 Bitcoins at a discount rate relative to the current market price. Nilam Resources, Inc. will acquire 100% of the equity of the Mauritius special purpose entity MindWave, which will hold digital assets, including 24,800 Bitcoins and other assets. These assets will be used as collateral to raise funds for investment in high-yield power generation projects. According to the company's press release, with the current market rise and the financial market's recognition of Bitcoin as the 'gold standard' and the future of digital transactions, this transaction brings over $1 billion (USD) worth of assets to Nilam Resources.

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