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South American Gold Miner Nilam Resources Plans to Buy 24,800 Bitcoin

Nilam Resources recently entered into a letter of intent with Xyberdata to acquire $1.70 billion worth of bitcoin amidst the current surge in the cryptocurrency market.

As per Nilam Resources, Inc.’s statement on March 25th, the deal encompasses the purchase of 24,800 Bitcoin and various other digital assets held by MindWave, a special purpose entity based in Mauritius.

Nilam Resources Acquires 24,800 Bitcoin

The 24,800 Bitcoin acquired will serve as collateral for Nilam Resources, enabling the company to secure funding for high-yield projects. Additionally, Nilam Resources intends to issue a newly authorized Preferred Class of Series C Stock at a discounted rate compared to current market prices.

Nilam Resources CEO Pranjali More expressed, “The Company and team have been diligently working over the last several months to finalize all agreements and due diligence necessary to proceed to a legally binding Letter of Intent (LOI).”

This transaction comes amidst a surge in the market and increasing recognition of Bitcoin within financial circles. It is expected to elevate Nilam Resources’ assets to a valuation exceeding one billion USD. The company emphasizes its commitment to an inclusive, sustainable, and transparent economy.

“We are defined by transparency, innovation, and sustainability. Our focus is on clear communication, embracing cutting-edge ideas, and investing in projects with enduring social and environmental impact,” remarked More.

New Preferred Class of Series C Stock

The specific details and terms of the acquisition will be delineated in forthcoming definitive agreements. This arrangement will confer upon Nilam Resources complete ownership of MindWave, effectively transitioning it into a subsidiary entity.

Shareholders of MindWave are slated to exchange their shares for Nilam Resources’ newly authorized Preferred Shares (Class C), marking a strategic equity realignment.

The freshly introduced Preferred Stock Class C will provide shareholders with conversion rights, enabling participation in events such as NASDAQ listings or similar liquidity opportunities, with distribution occurring proportionally among shareholders.

Class C shares, classified as “restricted securities” under Rule 144 of the Securities Act of 1933, will be subject to specific conditions and limitations following their issuance.

“This Letter of Intent (LOI) enables our team to collaborate seamlessly with some of the foremost minds in Fintech. The Xyberdata Ltd. team boasts a track record of successful strategic partnerships, acquisitions, and ongoing support for innovation within the industry,” affirmed Xyberdata Director Keshwarsingh Nadan.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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