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Nilam Resources CEO quits after bitcoin boondoggle

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.

You can read more on the matter here.

What’s going on?

• Canada Revenue Agency Fires Over 200 Employees for Improper CERB Claims (theDeepDive)

• Yen Hits 34-Year Low as Hopes for BOJ Rate Increases Fade (WSJ)

• Tennessee Advances Bill Targeting ‘Chemtrails’ Conspiracy Theory (theDeepDive)

• Twisted magnetic field observed around Milky Way's central black hole (Reuters)

• Lego Blocks Murrieta Police From Using Its Figures to Conceal Suspects (theDeepDive)

• Disney and Florida settle lawsuit over DeSantis special district fight (CNBC)

• Japan Amps Up Intervention Threat as Yen Hits Lowest Since 1990 (Bloomberg)

• Alamos Gold To Acquire Argonaut Gold In Transaction Centred On Magino Mine (theDeepDive)

• Housing starts stable in 2023, but demand still outpaces growing supply of apartments (BNN)

• Trump's media company ticker leads to fleeting windfall (Reuters)

What’s the latest?

• New Home Starts: Construction of new homes in Canada's six largest cities slightly decreased in 2023 by 0.5% year-over-year, totaling 137,915 units. The decline was cushioned by a 7% increase in apartment starts, reaching a record 98,774 units, despite a 20% drop in new single-detached homes primarily due to decreased demand in a high mortgage rate environment.

• Baltimore Bridge: The black box from the freight ship involved in the Baltimore bridge collapse has been recovered by U.S. federal safety investigators, as search efforts continue for six construction workers presumed dead after the incident. The National Transportation Safety Board (NTSB) is investigating, with the process including analysis of electronic logs and interviews with first responders, amid considerations of factors like contaminated fuel contributing to the power loss.

• Disney Settlement: Disney and Florida Governor Ron DeSantis have resolved their legal dispute over the governance of the special district encompassing Walt Disney World in Orlando, ending a state lawsuit. This agreement concludes all ongoing litigation in the Florida state court between Disney and the Central Florida Tourism Oversight District, initiated over attempts to annul previous agreements deemed too favorable to Disney. Details are yet to be released.

• Ontario Housing: Ontario's new home construction is increasing, with projections for nearly 88,000 housing starts in 2024, up from less than 80,000 projected last year, and expected to reach 95,800 by 2027. Despite this growth, the pace falls short of the annual 125,000 to 175,000 homes needed to meet the government's 2031 target of 1.5 million new homes.

• Made In USA: Suniva, a Georgia-based solar cell producer, and Canada's Heliene, with panel-making operations in Minnesota, have formed a partnership to manufacture solar panels that qualify for new federal subsidies under the Inflation Reduction Act. This collaboration, aimed at supplying about 2 gigawatts of solar projects, is seen as evidence by the Biden administration of the IRA's success in fostering a U.S. solar manufacturing sector capable of competing with China.

Is copper headed higher?

The stock market and stuff

• GameStop Craters On Q4 2023 Revenue Decline, Job Cuts (theDeepDive)

• Robinhood Unveils Credit Card in Further Push Beyond Trading (Bloomberg)

• Coinbase must face US securities regulator's lawsuit (Reuters)

• Is Nilam Resources The Latest Crypto Scam? (theDeepDive)

In the juniors

• CanAlaska Hits 10.84% eU3O8 Over 11.5 Metres At Pike Discovery (theDeepDive)

• Temas Resources Options Additional Claims At La Blache With Historical Resource Estimate (theDeepDive)

• First Lithium Expands Lidstone Project To 12,830 Hectares Following OGS Report (theDeepDive)

• Canopy Growth Surges And Falls On Germany Cannabis Legalization (theDeepDive)

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