DigiMax Global (OTCPK:DBKSF) signed a non-binding MOU to acquire all of the issued and outstanding shares of Israel-based technology company Spetz. In consideration for the shares of Spetz, DigiMax will issue 250M shares, amounting to ~47% of the outstanding shares of the company after the acquisition is complete. The number of shares is not contingent on the trading price of DigiMax shares. On a consolidated basis, the issuance would represent more than a 10-fold increase in current revenue/share. The transaction will be completed in 2 phases. The first phase consisting of a C$750K unsecured loan to Spetz for general corporate purpose, pursuant to a convertible loan agreement. The loan shall be convertible into Spetz shares at the option of DigiMax at a conversion price of C$0.16/share, and if not converted, shall be repayable in cash after 15 months following the execution of the agreement. The second phase consists of the
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