Gold miner Neelam Resources wants to get 24,800 bitcoins
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South American gold mining company Neelam Resources to acquire 24,800 Bitcoins from Xyberdata Ltd. Signed a Letter of Intent (LOI) with He announced in a press release on Monday that he is worth an estimated $1.7 billion as of this writing. The company said it will issue a new preferred class of Series C stock in exchange for 24,800 bitcoins. This transaction is scheduled to be executed at a rate below the current market price.
As part of this acquisition, the firm will take 100% ownership of MindWave, a Mauritius-based special purpose vehicle holding digital assets including Bitcoin. These assets are used as collateral to secure capital in high yielding projects.
Pranjali More, CEO of Neelam Resources highlighted the hard work the team has put in over the past months to reach this milestone.
“The company and its team have been working diligently over the past several months to complete all the agreements and due diligence necessary to proceed. [with] A legally binding Letter of Intent (LOI),” he added.
The company's move comes at a time when bitcoin is considered the “gold standard” of digital transactions. At the market rally, Neelam Resources' net worth is expected to exceed one billion dollars. He further emphasized the company's commitment to transparency, innovation and sustainability, aligning with its vision of a financially inclusive and sustainable future.
MindWave will be a subsidiary of Neelam Resources, which is expected to be a subsidiary of Neelam Resources, which will be detailed in the following milestone agreements. MindWave shareholders will receive the new preferred stock (Class C) for their equity interests. These shares carry conversion rights when listed on NASDAQ or other liquidation events and are considered “restricted securities”.
Xyberdata Ltd. Director Keshwarsingh Nadan expressed his enthusiasm about the partnership, citing the team's ability to work with leading minds in fintech.
“This Letter of Intent (LOI) allows our team to work closely with the best minds in fintech. The Xyberdata Ltd. team has a proven track record of strategic partnerships, acquisitions and ongoing support.” [for] Creativity [in] The industry,” Nadan said.
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