Grm Group Limited entered into a non binding term sheet to acquire Rare Earth Project from Reenova Investment Holding Limited (SGX:5EC) for $6 million on November 10, 2021. The consideration shall be paid in cash. Upon completion of the Proposed Transaction, Reenova will become a cash company. Reenova Investment Holding Limited agrees that from the date of the Term Sheet and for a period of three months (the ?Exclusivity Period?) Grm Group Limited may conduct due diligence as and negotiate in good faith the terms of the definitive agreement targeted to be complete by November 30, 2021, and during this no discussion with, nor provide any further information to, any other parties in relation to a transaction similar to or competing. In consideration for the Exclusivity granted, a nonrefundable deposit of $0.6 million, which is equivalent to 10% shall be paid in cash 10 business days from the date of the Term Sheet. This deposit is non-refundable and shall be set off against the Purchase Price on completion. The transaction is subject to completion of satisfactory due diligence and approval of the Singapore Exchange Securities Trading Limited and the shareholders of Reenova at an extraordinary general meeting.