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.