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Market News Nilam Resources Signs LOI to Acquire 24,800 Bitcoins from an Entity

Nilam Resources Signs LOI to Acquire 24,800 Bitcoins from an Entity

Nilam Resources, Inc. has executed a Letter of Intent (LOI) to procure Series C preferred shares from MindWave, a newly formed entity that possesses assets such as 24,800 Bitcoins. The objective of the transaction is to utilize the assets for investments in high-yield power generation.

TOP1 Markets Analyst
2024-03-26
6746

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Nilam Resources, Inc. (OTC PINK: NILA) has reportedly signed a Letter of Intent (LOI) with Xyberdata Ltd to procure one hundred percent of the common shares of a special purpose entity called MindWave. At current prices, the 24,800 Bitcoins held by NILA are valued at more than $1.7 billion. Newly designated Series C preferred shares will be issued by Nilam Resources, Inc. in exchange for 24,800 Bitcoins at a discount to the current market price.

 

Nilam Resources, Inc. intends to procure an entire ownership stake in MindWave, a Mauritius-based special purpose entity that will retain digital assets such as 24,800 Bitcoins and various other assets. Capital for investments in high-yield power generation initiatives will be obtained using these assets as collateral.

 

The financial market's recognition of Bitcoin as the 'gold standard' and the future of digital transactions, in addition to the present market rise and the press release, indicate that this transaction provides Nilam Resources with assets worth more than $1 billion (USD).

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