By Devika Patel
Knoxville, Tenn., Dec. 31 - Omagine, Inc. received a $5 million standby equity distribution agreement from YA Global Investments, LP on Dec. 22, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company may sell stock in up to $200,000 tranches at 95% of the lowest daily volume-weighted average price of its common stock during the five consecutive trading days after the date the company provides an advance notice to YA.
Based in New York, Omagine is primarily involved in the real estate development, entertainment and hospitality ventures and on developing, building, owning and operating tourism and residential real estate development projects.
| Issuer: | Omagine, Inc.
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| Issue: | Equity line
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| Amount: | $5 million
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| Price: | 95% of lowest daily volume-weighted average price
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| Warrants: | No
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| Investor: | YA Global Investments, LP
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| Settlement date: | Dec. 22
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| Stock symbol: | OTCBB: OMAG
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| Stock price: | $0.52 at close Dec. 22 | Market capitalization: | $22.9 million
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