Aurum, Inc has announced that they have entered into a binding term sheet with the shareholders of the Israeli company Humavox Ltd, who create wireless charging solutions.

According to the term sheet, Aurum will acquire 100% of the shares of Humavox and 100% of the warrants and options to acquire shares of Humavox in exchange for the issue of shares of common stock of Aurum representing, 50% of the shares of common stock of Aurum post issue on a fully-diluted basis, including the investment of an amount of US$16 million in Humavox.

The investment will take place in unconditional instalments over a period of 24 months following the closing. The closing of the merger is subject to certain closing conditions, including the investment in Humavox of the first instalment of the investment in the amount of $5.5 million.

The parties are using their best efforts to close the transaction within 90 days or earlier. Due diligence is being undertaken following which a share sale agreement will be completed.

As part of closing, the board of directors of Aurum will be restructured, and Omri Lachman, the CEO of Humavox, will be appointed as Aurum’s CEO.

Further details of the transaction will be made available in due course. Further information on Humavox can be found at