Australian mining magnate “Diamond Joe” Gutnick’s Aurum Inc. (OTCBB: AURM) has agreed to acquire 50% of Israeli wireless charging solutions company Humavox Ltd. in a reverse merger deal, for US$16 million, of which $5.5 million are payable at closing.
The balance of the investment will be paid in unconditional installments over a period of 24 months after the closing, which is subject to certain other conditions.
The deal is expected to close within 90 days, at which time the board of directors of Aurum will be restructured, and Omri Lachman, co-founder and CEO of Humavox, will become Aurum’s CEO.
Humavox, founded in 2012, is developing an “intuitive charging” chip or plugin designed to naturally fit each user’s instinctive habits, consisting of a small receiver that can be easily inserted into small electronic devices. With the Humavox chip, wearable or connected devices can be placed into a compatible 3D container and charged wirelessly.
“Intuitive Charging is our belief that electronic devices should recharge exactly where we place them, regardless of how we place them, simplifying the charging experience so it becomes natural, seamless and hassle-free to everyone,” says Humavox.
Joseph Gutnick, chairman of Aurum and Legend International Holdings, is a prominent Australian mining industry entrepreneur, who has overseen some of Australia’s largest and most prestigious resource discoveries. Legend’s current phosphate interests are located in the Georgina Basin, Queensland, Australia. They include Paradise (North & South; formerly Lady Jane & Lady Annie), D-Tree, Lily Creek, Quita Creek, Sherrin Creek and Highland Plains. These interests have combined historical deposits of approximately 1.2 billion tonnes averaging 16% P2O5.
Gutnick is the president and CEO of numerous listed public companies in the mining sector in both Australia and North America. He was responsible for overseeing the discovery of the Plutonic gold deposit, and the discovery, development and operation of the world class Bronzewing and Jundee gold mines in Australia. He is a Fellow of the Australasian Institute of Mining and Metallurgy, a Fellow of the Australian Institute of Management, a Member of the Institute of Company Directors in Australia, and was a Director of the World Gold Council. He was awarded the prestigious Diggers award at the 1997 Diggers and Dealers Industry Awards. Gutnick is said to have relocated to Singapore in 2013.
Joseph Isaac Gutnick (Hebrew: יוסף יצחק הכהן גוטניק) is also an ordained rabbi and member of the Chabad-Lubavitch Hasidic movement. He is well known for his philanthropy in the Jewish world. According to Gutnick, in 1988, after almost having been ruined by the 1987 stock market crash, the late Rabbi Menachem Mendel Schneerson, known as the Rebbe, told him to go back to the Australian desert and search for “gold and diamonds,” which he did with great success.
Aurum Inc., an exploration stage company, focuses on the exploration of gold and copper properties in the Lao Peoples Democratic Republic. Its principal project is the Century project located in Laos. The company was formerly known as Liquid Financial Engines, Inc. and changed its name to Aurum, Inc. in January 2010. Aurum is a subsidiary of Golden Target Pty Ltd. Aurum was founded in 2008 and is based in Melbourne, Australia.
Photo: Joseph Gutnick, Chairman of Aurum, in Melbourne. (The Australian/Aaron Francis)