South American gold miner Nilam Resources signs a letter of intent to acquire 24,800 Bitcoins worth over US$1.7 billion
According to a report from Global Communications Agency on March 26, South American gold miner Nilam Resources, Inc. (OTC PINK: NILA) announced today that it has signed a letter of intent (LOI) with Xyberdata Ltd to acquire 100% of the common stock of a special purpose entity that will be established under the name MindWave and will hold 24,800 bitcoins (worth over $1.7 billion at current prices). Nilam Resources, Inc. will issue newly authorized preferred Class C series stock in exchange for a discount to the current market price for the 24,800 bitcoins.Nilam Resources, Inc. will acquire 100% of the stock 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's rise and the financial market's recognition of bitcoin as the "gold standard" and the future of digital trading, this transaction brings Nilam Resources assets worth over $1 billion (USD).
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