South American Gold Miner Nilam Resources Acquires 24,800 Bitcoins with Xyberdata

According to PANews, South American gold mining company Nilam Resources announced its acquisition of an unestablished special purpose entity called MindWave, in partnership with Mauritius-based company Xyberdata. This acquisition will grant them access to 24,800 bitcoins. However, the announcement did not provide details on how they would obtain the billions of dollars' worth of cryptocurrency. The confusion surrounding the acquisition is exacerbated by the current financial status of both companies. Nilam Resources' company profile shows that its EBITDA is expected to be only $2 million. Xyberdata's unaudited financial statements show that its "shareholder funds" are about $70 million, with only $1.5 million in cash on hand. This is far from the price of the bitcoins they claim to acquire (approximately $1.2 billion), and it is unclear how the two companies will raise such funds. However, the press release does indicate that Nilam will issue new Class C shares in this transaction. When media contacted Nilam Resources executive Ron McIntyre to inquire about the bitcoin acquisition, they were informed that he had resigned as CEO and had his name removed from all company documents. When asked why he resigned, McIntyre said, "Just look at the chart - it's a classic pump and dump." He added, "The Financial Industry Regulatory Authority (FINRA) will investigate Nilam Resources." McIntyre stated that although his colleagues "said a transaction was imminent," they never provided him with the details of the transaction and released the press release without allowing him to review it or even informing him of the announcement.

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