Two-year agreement with YA Global Master increased from $5 million
By Jennifer Chiou and Devika Patel
New York, June 21 - Omagine, Inc. lifted its previously announced two-year standby equity distribution agreement with YA Global Master SPV Ltd. to $10 million, according to an 8-K filed with the Securities and Exchange Commission.
When the agreement was publicized on May 5, the size was $5 million.
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.
Under the agreement, the company may not exceed $200,000 in an individual sale, and there must be at least five trading days between transactions.
Also with the agreement, the company will issue 67,745 of its shares to YA. Previously, on execution of the agreement, it issued 176,471 shares 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.
|
| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
|
| Tenor: | Two years
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| Price: | 95% of lowest daily volume-weighted average price over five days
|
| Warrants: | No
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| Investor: | YA Global Master SPV Ltd.
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| Pricing date: | May 4
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| Upsized: | June 21
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| Stock symbol: | OTCBB: OMAG
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| Stock price: | $0.85 at close May 4
|
| Market capitalization: | $29.61 million
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