As of the date hereof, OMAG has arranged approximately USD $110
Million of equity for the Project Company via written agreements
for the sale of minority equity interests of the Project Company
to:
1. Consolidated Contractors International Company, SA,
("CCC"), and
2. an Omani company formed by leading local businessmen
("Newco"), and
3. a prominent Omani person ("MNK"), and
4. the office of Royal Court Affairs ("RCA") which represents
the personal interests of His Majesty Sultan Qaboos bin
Said, the ruler of Oman.
Compare the 10Q from May:
As of the date hereof, the Project Company has arranged
approximately $99 million of equity capital for itself. In order
to move into the actual development stage of the Omagine
Project, the Founder Shareholders and the Government must sign
the Development Agreement - an event which the Company
previously expected to occur in the first quarter of 2008 but
presently expects to occur during the second quarter of 2008.
This difference being the addition of the office of Royal Court Affairs ("RCA") which represents the personal interests of His Majesty Sultan Qaboos bin Said, the ruler of Oman.
Looks like the Sultan is investing 11 millon in the project. This is very good news
4 members recommend this.
