Aurum, Inc. (OTCPK:AURM) entered into a binding term sheet to acquire Humavox Ltd. on June 27, 2016. 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 $16 million in Humavox. The investment will take place in unconditional installments 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 installment of the investment in the amount of $5.5 million. As part of closing, the Board of Directors of Aurum will be restructured, and Omri Lachman, the Chief Executive Officer of Humavox, will be appointed as Aurum's Chief Executive Officer. The transaction is expected to close within 90 days or earlier. Aurum, Inc. (OTCPK:AURM) cancelled the acquisition of Humavox Ltd. on July 29, 2016.