TechFlow news, according to Protos, South American gold miner Nilam Resources previously announced it would acquire a yet-to-be-formed special purpose entity called MindWave together with Mauritius-based company Xyberdata in order to obtain 24,800 bitcoins.
Nilam Resources' corporate snapshot estimates its earnings before interest, taxes, depreciation, and amortization (EBITDA) will be only $2 million. Xyberdata's unaudited financial statements show it has approximately $70 million in "shareholder funds" and only $1.5 million in cash on hand—far less than the alleged $1.2 billion price tag of the bitcoins these companies reportedly aim to acquire, and it remains unclear how the two firms plan to raise such a large amount of funding.
In addition, Protos contacted Nilam Resources executive Ron McIntyre regarding the bitcoin acquisition and was explicitly told, "As of today, he has resigned as CEO and his name has been removed from all corporate documents."
