Ann: Offtake Agreement with Major Graphite Distributor, page-71

This may help you, of course reading the announcements which a lot do not do, will also assist!

VRC have signed a detailed offtake term sheet, which is a nonbinding agreement!....so there nothing misleading in there heading! Its simply a whole bunch of IMOs going on....

However, some now mention that it is an MOU....lets be clear here...True term sheets, at times are referred to as memorandums of understanding, serve as a summary of the terms being discussed or offered.

If you want to look at it as an MOU, then, think of it being in an advanced stage, with a Term Sheet though, there is an acceptance period, providing a time frame for a response regarding the information set forth.

I also mentioned previously to Robbo that a term sheet serves as a template to develop more detailed legal documents. Once the parties involved reach an agreement on the details laid out in the term sheet, a binding agreement or contract that conforms to the term sheet details is then drawn up