An indication of interest (IOI) is a conditional, non-binding expression of interest in buying a security that is currently awaiting regulatory approval. The IOI is non-binding and is not a commitment to buy because it is illegal to sell a security while still in the registration process and before the prospectus has been finalized. The IOI will always be accompanied by a preliminary prospectus for you to review, however, keep in mind that the preliminary prospectus is not finalized and is subject to change.