Nilam Resources Announces Letter of Intent to Acquire 24,800 Bitcoin
Rebeca Moen Mar 27, 2024 09:58
Nilam Resources, Inc. has entered into a Letter of Intent (LOI) with Xyberdata Ltd to acquire 100% of the common stock of a special purpose entity named MindWave. The entity will hold 24,800 Bitcoin, serving as collateral for investment in high-yield generating projects. This strategic acquisition marks a significant milestone for Nilam Resources, Inc., adding over a billion dollars in digital assets to its portfolio.
Nilam Resources, Inc. (OTC PINK: NILA) has announced its entry into a Letter of Intent (LOI) with Xyberdata Ltd to acquire 100% of the common stock of a special purpose entity called MindWave. The entity will hold 24,800 Bitcoin, which will serve as collateral for raising capital to invest in high-yield generating projects.
Under the agreement, Nilam Resources, Inc. will issue a newly authorized Preferred Class of Series C Stock in exchange for the 24,800 Bitcoins at a discounted rate relative to current market prices. The acquisition of MindWave, a special purpose entity based in Mauritius, will bring digital assets, including the 24,800 Bitcoins, under the ownership of Nilam Resources, Inc. These assets will be utilized to raise capital for strategic investments.
The successful completion of this acquisition represents a significant milestone for Nilam Resources, Inc., as it adds over a billion dollars in digital assets to its portfolio. With the current market rally and the growing recognition of Bitcoin as the "Gold Standard" for digital transactions, this acquisition aligns with Nilam Resources' vision, mission, and core values of transparency, innovation, and sustainability.
Pranjali More, CEO of Nilam Resources, Inc., stated, "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). With this transaction, we are taking a step towards a future where finance is inclusive and sustainable, driving positive change in the digital economy."
The terms and provisions of the acquisition will be detailed in one or more definitive agreements. It is expected that Nilam Resources, Inc. will acquire a 100% interest in MindWave, making it a subsidiary of the company. Shareholders of MindWave will exchange their equity interest for a new class of Preferred Shares (Class C) authorized and issued by Nilam Resources, Inc.
The newly authorized Preferred Stock (Class C) will entitle holders to conversion rights upon listing on NASDAQ or another national exchange or upon other defined liquidity events. These shares will be issued pro rata to the shareholders. All shares of Preferred Stock Class C issued pursuant to the transactions contemplated hereby shall be considered "restricted securities" as defined in Rule 144 under the Securities Act of 1933, as amended.
This strategic partnership between Nilam Resources, Inc. and Xyberdata Ltd., a leading player in global connectivity services, brings together expertise in fintech and connectivity. The collaboration aims to leverage the synergies of both companies and drive innovation in the industry.
As the agreement progresses, Nilam Resources, Inc. will continue to work closely with Xyberdata Ltd. to ensure a smooth and successful acquisition process. The completion of this acquisition will position Nilam Resources, Inc. as a key player in the crypto market, further strengthening its portfolio and contributing to its growth.
Nilam Resources, Inc. is an investment holding company that focuses on innovation and strategic evolution. With a diversified portfolio spanning various verticals, including FinTech, MedTech, ClimateTech, and more, the company aims to generate returns on its investments while contributing to the growth of frontier technologies and applications.
Xyberdata, formerly known as 101 Systems Ltd, is a leading global connectivity services provider. With its extensive network spanning continents, Xyberdata ensures seamless connectivity for its clients. The company's services are relied upon by carriers worldwide for their business-critical operations.
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