A more thorough explanation:

An offering circular is a document that provides information about a private securities offering. It is similar to a prospectus, which is a document that provides information about a public securities offering. The offering circular is also known as an offering statement.

Let's say a company wants to raise money by selling shares of its stock to a select group of investors. The company would create an offering circular that includes information about the company's financials, business plan, and the terms of the offering. The offering circular would be given to potential investors so they can make an informed decision about whether or not to invest in the company.

Another example would be a real estate developer who wants to raise money to build a new apartment complex. The developer would create an offering circular that includes information about the project, such as the location, the number of units, and the expected return on investment. The offering circular would be given to potential investors who are interested in investing in the project.

These examples illustrate how an offering circular is used to provide information to potential investors about a private securities offering. The document helps investors make informed decisions about whether or not to invest in the offering.