Two-year agreement with YA Global Master arranged at 5% discount
By Toni Weeks
San Luis Obispo, Calif., April 28 - Omagine, Inc. arranged a $5 million two-year standby equity distribution agreement with YA Global Master SPV Ltd. on April 22, according to an 8-K filed Monday 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. Any individual sale of shares may not exceed $200,000, according to the filing.
The company paid a commitment fee of $150,000 by issuing 85,822 restricted shares to YA Global II SPV, LLC, an affiliate of the investor.
Based in New York, Omagine is a development-stage company 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
|
| Amount: | $5 million
|
| Tenor: | Two years
|
| Price: | 95% of lowest daily volume-weighted average price during five consecutive trading days following advance notice
|
| Warrants: | No
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| Investor: | YA Global Master SPV Ltd.
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| Agreement date: | April 22
|
| Stock symbol: | OTCBB: OMAG
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| Stock price: | $1.95 at close April 25
|
| Market capitalization: | $30.14 million
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