Vector Resources Limited (ASX:VEC) entered into a non-binding term sheet to acquire M2M Global Technology Ltd. in cash and stock on September 7, 2015. Under the terms of the non-binding agreement, the form of consideration would include, subject to an agreed cash component, if any, the issue of up to such number of ordinary fully paid shares in the capital of Vector to the M2M security holders as will equate to an aggregate holding of approximately 85% of Vector on a fully diluted basis at the date of a concluded agreement. The securities to be issued as consideration shall be subject to performance milestones to be agreed between the parties. The shares issued to M2M shareholders will be subject to any applicable escrow restrictions in accordance with the ASX Listing Rules. The transaction is conditional upon Vector completing all legal, financial and technical due diligence in respect to M2M within 60 days of the execution of the term sheet, Vector completing a capital raising to facilitate re-compliance with Chapters 1 and 2 of the ASX Listing Rules, execution of a concluded agreement by Vector and each holder of securities in M2M, Vector holding a shareholder meeting to obtain all necessary approvals, including those contained in ASX Listing Rule 11.1 and a change in Vector’s name to M2M Global Technology Limited and ASX granting conditional approval to reinstate the securities of Vector to trading on ASX. Vector Resources Limited (ASX:VEC) terminated the non-binding term sheet to acquire M2M Global Technology Ltd. on September 13, 2016.