Purchase price paid in form of reduction of debt owed to Drohan
By Angela McDaniels
Tacoma, Wash., May 18 – Omagine Inc. president Frank Drohan purchased 100,000 restricted shares of the company’s common stock for $120,000, or $1.20 per share, on May 16.
The price per share is equal to the closing sale price of the company’s common stock on May 15.
The purchase price was paid to the company in the form of a $120,000 reduction in the debt owed to Drohan by the company, according to an 8-K filing with the Securities and Exchange Commission.
In the company’s 10-Q report for the quarter ended March 31, the company reported owing $315,672 of accrued but unpaid salary to Drohan.
New York-based Omagine is focused on entertainment, hospitality and real estate development opportunities in the Middle East and Africa.
| Issuer: | Omagine Inc.
|
| Issue: | Common stock
|
| Amount: | $120,000
|
| Shares: | 100,000
|
| Price: | $1.20
|
| Warrants: | No
|
| Investor: | Company president Frank Drohan
|
| Settlement date: | May 16
|
| Stock symbol: | OTCBB: OMAG
|
| Stock price: | $1.20 at close May 15
|
| Market capitalization: | $26.72 million
|
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