Omagine, Inc. announced that it has received $0.06 million in funding from Adar Bays, LLC
December 28, 2017
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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 $57,500 on December 29, 2017. The transaction included participation from Adar Bays, LLC. The note will issue at par. The note carries a fixed annual interest rate of 12% and 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 20 consecutive trading days ending on the latest compete trading day prior to the conversion date. The notes will mature on December 29, 2018 and can be prepaid on or before June 26, 2018. The notes will be subject to a hold period of 40 days. The company reported legal fees of $2,500.
Omagine, Inc. (Omagine) is a holding company. The Company is focused on entertainment, hospitality and real estate development opportunities in the Middle East and North Africa (the MENA Region), and on the design and development of tourism destinations. The Company conducts its operations through its subsidiary, Omagine LLC, an Omani limited liability corporation (LLC) and its subsidiary, Journey of Light, Inc. (JOL). Omagine organized Omagine LLC to design, develop, own and operate its initial project, a mixed-use tourism and real estate project named the Omagine Project. The Omagine Project is being developed on one million square meters (equal to 100 hectares or approximately 245 acres) of beachfront land facing the Gulf of Oman, west of Oman's capital city of Muscat and approximately six miles from Muscat International Airport.