Company sells 56,000 of its restricted common shares at $0.90 apiece
By Devika Patel
Knoxville, Tenn., April 6 – Omagine, Inc. settled a $50,400 private placement of stock with its president Frank Drohan on Nov. 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 56,000 restricted common shares at $0.90 per share, which is equal to the April 5 closing share price.
The purchase price was paid through a $50,400 reduction of the debt the company owes to Drohan.
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.
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| Issue: | Restricted common shares
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| Amount: | $50,400
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| Shares: | 56,000
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| Price: | $0.90
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| Warrants: | No
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| Investor: | Frank Drohan
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| Announcement date: | April 6
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| Settlement date: | April 5
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| Stock symbol: | OTCBB: OMAG
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| Stock price: | $0.90 at close April 5
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| Market capitalization: | $16.86 million
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