Sky Quarry Inc. issued a Convertible Promissory Note of $175,000 to Varie Asset Management LLC on August 29, 2025.
The Note carries a 12% interest rate per annum with semi-annual interest payments starting from December 31, 2025.
The Maturity Date for the Note is set as August 29, 2027.
Interest Rate
The Note accrues interest at a rate of 12% per annum.
Maturity Date
The Note matures on August 29, 2027, with a 10-day grace period for payments.
Conversion Rights
Holder can convert the principal and interest into Sky Quarry Inc.'s Common Stock at a Conversion Price of $0.48 per share.
- The issuance of the Convertible Promissory Note provides Sky Quarry Inc. with financing while offering Varie Asset Management LLC potential equity through conversion.
- The interest rate structure and conversion options provide flexibility for both parties involved in the agreement.
The Convertible Promissory Note agreement between Sky Quarry Inc. and Varie Asset Management LLC shows a strategic financial move with benefits for both parties.