Nilam Resources CEO Resigns After Bitcoin Purchase Announcement: “It’s A Classic Pump And Dump”
Ron McIntyre, a key executive at Nilam Resources (OTC PINK: NILA), was recently asked to comment on the eyebrow-raising announcement of a billion-dollar bitcoin acquisition through a company buyout. Instead, McIntyre revealed that he had resigned from his position and had his name removed from all corporate documents.
Although McIntyre’s resignation was not immediately reflected on the company’s website, he confirmed that he had stepped down within the past week. However, he remains listed in various corporate roles within the Nevada entity.
McIntyre attributed his resignation to what he described as a “classic pump and dump” scenario, suggesting that the company’s stock price surge was not based on substantial value.
“Just look at the chart — it’s a classic pump and dump,” he told a Protos reporter. Furthermore, McIntyre hinted at potential regulatory scrutiny, indicating that there would likely be a FINRA investigation into Nilam Resources.
This column went back to the press release and noted that COO Pranjali More was also attributed as the company’s CEO. More was only appointed as the firm’s chief operating officer in November 2023, back when McIntyre was still the chief executive.
In the company portfolio, McIntyre is described to have worked as an SEC compliance consultant providing securities law services to private and public companies from 2009 to present.
In a recent press release marked by confusion and uncertainty, Nilam Resources stated that in collaboration with Mauritius-based Xyberdata, it would be acquiring a yet-to-be-established special purpose entity named MindWave, with the aim of acquiring 24,800 bitcoins.
However, the press release failed to provide clarity on the crucial aspect of how the companies intend to obtain the billions of dollars worth of cryptocurrency. This lack of detail has only added to the puzzlement surrounding the proposed acquisition.
Adding to the complexity of the situation is the financial standing of the involved firms. Nilam Resources’ holds assets of $13.9 million – of which $11.1 million is intangible assets and goodwill – and liabilities of $1.2 million.
Similarly, Xyberdata’s unaudited financial statements revealed that it possessed approximately $70 million in ‘shareholder funds,’ with only $1.5 million in available cash. This amount falls significantly short of the approximately $1.2 billion required for the bitcoin acquisition. It remains unclear how either company plans to bridge this financial gap, although the press release mentioned Nilam’s intention to issue new Class C stock as part of the transaction.
McIntyre expressed frustration over being excluded from the details of the transaction, stating that his coworkers failed to provide him with adequate information before issuing the press release. He declared his intention to pursue appropriate legal actions, indicating a forthcoming complaint to the relevant state bar.
Information for this briefing was found via Protos and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
