Peruvian Gold Miner Plans $1.7 Billion Buy

On Monday, Peruvian gold miner Nilam Resources Inc. (OTC PINK: NILA) announced Expect to get an amazing 24,800 Bitcoins (BTC). This strategic initiative has been made through a Letter of Intent (LOI) with Xyberdata Ltd, in preparation for the acquisition of 100% of the ordinary shares of MindWave, a special purpose vehicle to be established in Mauritius to hold digital assets. Arrange.

Follow Saylor’s playbook

This significant move into digital asset investing by Nilam Resources includes the issuance of newly authorized preferred class Series C shares, offered in exchange for Bitcoin at a discount relative to current market prices. Masu. With this transaction, Nilam aims to secure digital assets valued at over $1 billion, and underpins a broad strategic milestone for the company as it pursues diversification and innovation.

Pranjali More, CEO of Nilam Resources, Inc., emphasized the strategic importance of this transaction, saying, “Our company and team have completed all necessary agreements and due diligence to move forward with a legally binding letter. I have been working diligently over the past few months to complete the “LOI of Intent.” ”

The collaboration with Xyberdata and the establishment of MindWave in Mauritius are part of Nilam’s strategic vision to harness the potential of Bitcoin. These assets serve not only as important additions to the company’s portfolio, but also as collateral for financing investments in high-yield power generation projects.

This move aligns with NILA’s broader goals of fostering a financial ecosystem that is inclusive, sustainable, and defined by transparency, innovation, and sustainability. “We prioritize clear communication, embrace cutting-edge ideas and invest in projects that have a lasting impact on society and the environment,” added Pranjali More.

The terms of the acquisition and further strategic details will be set out in a subsequent definitive agreement. Upon completion of this acquisition, MindWave will become a wholly owned subsidiary of his Nilam Resources, and MindWave shareholders will exchange their interests for newly issued preferred stock (Class C).

This class of shares comes with conversion rights upon listing on NASDAQ or other national exchanges, among other liquidity events, marking an important future milestone for Nilam Resources in the public financial market. .

Bitcoin community is raising doubts

However, the announcement has been met with skepticism and caution from some prominent figures within the Bitcoin community. Matthew Sigel, Head of Digital Asset Research at VanEck, suggested Nilam’s strategic inspiration: Says“Saylor Trusts –> MOGO, the $50 million market capitalization payments company that owns a 13% stake in cryptocurrency exchange WonderFi (WNDR CN, mkt cap $180 million), Announces plans to add Bitcoin to finances.”

Tour Demeester, a respected Bitcoin OG and analyst at Adamant Research, said: expressed His reservations were more blunt: “I deleted my tweet about a gold prospector buying 24,000 BTC.” Maybe this is a harbinger of things to come, but it’s certainly not big news.”

This sentiment reflects widespread skepticism about Nilam’s motives for pivoting to Bitcoin, and calls into question the soundness of the company’s financial strategy.

Criticism also came from @hodlonaut. voiced sound Concerned about the nature of the transaction and the methods NILAM would adopt to secure financing for such a large acquisition, he said, I don’t know if they’re going to deploy that kind of accounting voodoo.” , but I know they want 24,800 BTC and will never go above 21 million. A storm is brewing. ”

Bitcoin analyst Diane LeClair Added MOGO is a microcap OTC stock, so this will only work if there is a demand for stock sales. A letter of intent and actually implementing it are two different things. It is likely to fail and is for PR purposes. On the contrary, we live in a meme world where no one knows what will happen. ”

At the time of writing, BTC was trading at $70,316.

BTC price, 4-hour chart | Source: BTCUSD on

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