Item 1.01. Entry into Material Definitive Agreement

The YA Loan Agreements

As previously reported, Omagine, Inc. (the "Company") and an investment fund, YA II PN, Ltd. (p/k/a YA Global Master SPV, Ltd.) (“YA”), entered into loan agreements dated July 26, 2013 (the “2013 YA Loan Agreement”), April 22, 2014 (the “2014 Loan Agreement”) and May 20, 2015 (the “2015 Loan Agreement”) all satisfied in full, and March 15, 2016 (the “March 2016 YA Loan Agreement”). YA is also a party to Standby Equity Distribution Agreements with the Company, one executed on May 4, 2011 (the “2011 SEDA”) since terminated and a second SEDA executed on April 22, 2014 (the “2014 SEDA”).

On June 22, 2016, the Company and YA entered into another loan agreement (the “June 2016 YA Loan Agreement”).

Pursuant to the June 2016 YA Loan Agreement, the Company borrowed four hundred thousand dollars ($400,000) from YA (the “June 2016 YA Loan”) for a term of one year at an annual interest rate of 10%. Pursuant to the June 2016 YA Loan Agreement the Company agreed to pay a $40,000 commitment fee with respect to the June 2016 YA Loan to YA Global II SPV LLC, an affiliate of YA (the “Affiliate”). At the closing on June 22, 2016 of the June 2016 YA Loan, the commitment fee for the June 2016 YA Loan were deducted from the $400,000 principal balance of the June 2016 YA Loan and paid to the Affiliate. The $360,000 proceeds of the June 2016 YA Loan was received by the Company on June 22, 2016.

The foregoing summary of the terms of the June 2016 YA Loan does not purport to be complete and is qualified in its entirety by reference to the full text of the YA Note Purchase Agreement, the YA Note and the YA Closing Statement attached hereto as Exhibits 10.1; 10.2; and 10.3 respectively.