Sky Quarry Terminates $8.125M Share Purchase Agreement With Varie Asset Management; No Shares Purchased Or Penalties Incurred From Termination

 

On January 7, 2026, the Company terminated the purchase agreement ("Agreement") entered into with Varie Asset Management LLC ("Varie") on July 9, 2025.  The Agreement was terminated without cause pursuant to section 11(c) of the Agreement.  Pursuant to the terms of the Agreement, the Company had the ability to require Varie to purchase shares of the Company's common stock from time to time, subject to certain terms and conditions, in the aggregate amount of up to $8,125,000.  In connection with entering into the Agreement, Varie was issued 366,260 shares of the Company's common stock ("Common Stock") in exchange for its commitment to purchase shares of Common Stock from the Company from time to time.  Prior to the termination of the Agreement, the Company did not cause Varie to purchase any shares of its Common Stock pursuant to the terms of the Agreement.

 

The Company determined that the immediate termination of the Agreement is in its best interests as it continues to explore alternative financing plans and the Company will not incur any penalties in connection with its termination of the Agreement.