Company sells 83,334 of its restricted common shares at $0.90 apiece
By Devika Patel
Knoxville, Tenn., April 7 – Omagine, Inc. settled a $75,000 private placement of stock with its directors Alan M. Matus, Jack A. Smith and Louis J. Lombardo on April 5, according to an 8-K filed Thursday with the Securities and Exchange Commission. Each investor bought $25,000 of stock.
The company sold 83,334 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 the directors.
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: | $75,000
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| Shares: | 83,334
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| Price: | $0.90
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| Warrants: | No
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| Investors: | Alan M. Matus (for $25,000), Jack A. Smith (for $25,000) and Louis J. Lombardo (for $25,000)
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| Settlement date: | April 5
|
| Stock symbol: | OTCBB: OMAG
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| Stock price: | $0.90 at close April 5
|
| Market capitalization: | $17.79 million
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