Nilam Resources today filed letters to intent for 100% ownership of the common shares of a Special Purpose Entity that will have 24,800 Bitcoin. A press release stated that the company had entered into an LOI agreement with Xyberdata Ltd for the acquisition of 100% of a common stock in a new special purpose entity to be named MindWave. The South American miner is expected to buy a total of $1.7 billion worth of Bitcoin.
“Nilam Resources, Inc., will issue a newly authorized Preferred Class of Series C Stock in exchange for 24,800 Bitcoins at a discounted rate relative to current market prices,” The company also adds this in its press release. Nilam states that the same entity will hold unnamed digital assets in addition to Bitcoin. Nilam will use the Bitcoin and other digital asset purchases as collateral in order to raise funds for its future projects.
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Nilam Resources Backs Bitcoin as a Future
Nilam Resources invests in BTC alongside major corporations around the globe, such as MicroStrategy. “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),” states Pranjali More, CEO of Nilam Resources, Inc. Additionally, the company cites the ongoing crypto market rally, and labels Bitcoin as the “gold standard,” The future of digital transaction
The news has been a huge boost for Bitcoin. It is already on its way to recovering from a recent slump. BTC’s rally cooled after it reached its highest point. BTC is likely to increase in value once more if a major investment company backs it.
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Pranjali M. Moore, CEO at Nilam Resources said that the recent transaction is a significant step in the direction of the digital future and the change to the digital economy. “Transparency, innovation, and sustainability define us. We prioritize clear communication, embrace cutting-edge ideas, and invest in projects with enduring social and environmental impact.”
Nilam expects the Class C (New Preferred Stock) to include several preferred shares. It gives current shareholders conversion rights on listing at NASDAQ, other national exchanges or liquidity events.
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Source: watcher.guru
