Nilam Resources fires CEO and announces purchase of BTC

Gold mining company Nilam Resources CEO Ron McIntyre has been removed from his position. This became known the day after the company announced the purchase of 24,800 BTC, reports Protos.

Earlier it became known that Nilam Resources intends to purchase bitcoins, the total amount of which exceeds $1.7 billion at the time of writing. According to the document, she signed an agreement with Xyberdata LTD to issue a preferred class of shares of series C. In the future, the company was going to exchange these shares for 24,800 BTC at a price below the market price.

In addition, as part of this agreement, Nilam Resources will acquire Mind Wave, which will store the first cryptocurrency. The letter states that the enterprise will become a subsidiary of Nilam Resources and, in addition to Bitcoin, will store other digital assets.

Protos representatives managed to contact the now former CEO of Nilam Resources. The latter stated that his name had been removed from all corporate documents. According to McIntyre, he was not given details of the deal and was not even allowed to read the press release.

It is noteworthy that after the news about the purchase of bitcoins, shares of Nilam Resources Inc. (NILA) are up more than 1,500%, according to Yahoo Finance.

According to experts, NILA's share price has reached its highest level in 11 years. They question how a company with a market value of less than $25 million can afford such a large acquisition.

🚨Gold miner Nilam Resources announced they were buying 24,800 Bitcoin & this happened to their stock price TODAY.🚀

That's a 22x in one day, placing their stock price at its highest level in 11 years!🤣

The infinite money glitch is being discovered & many more Michael Saylor… pic.twitter.com/l8Tb84sa89

— Luke Mikic⚡️🇸🇻🇦🇺 9-5 Escape Artist (@LukeMikic21) March 26, 2024