Omagine, Inc. (OTCPK:OMAG) announced that it has entered into a security purchase agreement for private placement of a convertible promissory note for gross proceeds of $57,750 on October 6, 2017. The transaction included participation from Auctus Private Equity Management, Inc. The note will issue at par. The note carries a fixed annual interest rate of 12% and would mature on July 6, 2018; the note may be prepaid at any time on or before April 6, 2018. The note is convertible into the company’s common stock after 180 days from the issuance date at a conversion price equal to the lower of the trading price on the latest complete trading day prior to the date of this note and 50% of the lowest trading price for the common stock during the 25 consecutive trading days ending on the latest compete trading day prior to the conversion date. The company will issue securities pursuant to the exemption provided under Regulation D. The company can reimburse buyer’s legal expenses shall be $2,750.00 plus the cost of wire fees. The company will pay the expenses of $5,000.