Two-year agreement with YA Global Master SPV arranged at 5% discount
By Devika Patel
Knoxville, Tenn., May 5 - Omagine, Inc. arranged a $5 million two-year standby equity distribution agreement with YA Global Master SPV Ltd. on May 4, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company may sell common shares at a price equal to 95% of the lowest daily volume-weighted average price of the stock during the five consecutive trading days after 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: | Standby equity distribution agreement
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Amount: | $5 million
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Tenor: | Two years
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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 Master SPV Ltd.
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Settlement date: | May 4
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Stock symbol: | OTCBB: OMAG
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Stock price: | $0.85 at close May 4
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Market capitalization: | $10.54 million
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