Nilam Resources, Inc. has entered into a letter of intent (LOI) with Xyberdata Ltd to acquire 100% of the ordinary shares of a special purpose entity called MindWave. The entity will own 24,800 Bitcoin, which will serve as collateral for investments in high-yield projects. This strategic acquisition marks an important milestone for Nilam Resources, Inc. and adds more than a billion dollars in digital assets to its portfolio.
Nilam Resources, Inc. (OTC PINK: NILA) has announced that it has entered into a Letter of Intent (LOI) with Xyberdata Ltd to acquire 100% of the common shares of a special purpose entity called MindWave. The entity will own 24,800 Bitcoin, which will serve as collateral for raising capital to invest in high-yield projects.
Under the agreement, Nilam Resources, Inc. issue a newly authorized Preferred Class or Series C share in exchange for the 24,800 Bitcoins at a discounted rate from 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 used to raise capital for strategic investments.
The successful completion of this acquisition represents a significant milestone for Nilam Resources, Inc. as it adds more than $1 billion in digital assets to its portfolio. With the current market rally and Bitcoin’s growing recognition 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., said: “The company and team have been working diligently over the past several months to complete all agreements and due diligence required to reach a legally binding Letter of Intent (LOI) “With this transaction, we are taking a step towards a future where finance is inclusive, sustainable and drives positive change in the digital economy.”
The terms of the acquisition will be laid down in one or more definitive agreements. Nilam Resources, Inc. is expected to will acquire a 100% stake in MindWave, making it a subsidiary of the company. MindWave shareholders will exchange their equity interest for a new class of preferred stock (Class C) authorized and issued by Nilam Resources, Inc.
The newly approved preferred stock (Class C) entitles holders to conversion rights upon listing on NASDAQ or another national exchange or upon other defined liquidity events. These shares will be issued to shareholders on a pro rata basis. All shares of Class C Preferred Stock issued pursuant to the transactions contemplated herein are 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 stimulate innovation in the sector.
As the agreement progresses, Nilam Resources, Inc. continue to work closely with Xyberdata Ltd. to ensure a smooth and successful acquisition process. The completion of this acquisition will enable Nilam Resources, Inc. positioning it 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 focused on innovation and strategic evolution. With a diversified portfolio spanning several verticals including FinTech, MedTech, ClimateTech and more, the company aims to generate returns on its investments while contributing to the growth of game-changing technologies and applications.
Xyberdata, formerly known as 101 Systems Ltd, is a leading global provider of connectivity services. With its extensive network spanning continents, Xyberdata ensures seamless connectivity for its customers. Carriers around the world rely on the company’s services for their mission-critical operations.
Image source: Shutterstock