One mile of Ocean Front, One Incredible Real Estate Development

Multi-Billion Dollar Agreement Signed With Oman

Message: 8k

For those having difficulty finding the 8k, here's commentary that was in it:

Item 8.01 - Other Events


On December 7, 2017 pursuant to a resolution of the Board of Directors, the expiration date of the Company’s 6,422,124 issued and outstanding warrants (3,211,062 warrants exercisable at $5 per share and 3,211,062 warrants exercisable at $10 per share) was extended from December 31, 2017 to June 30, 2018. All other terms and conditions of the Warrants remain the same.


As previously disclosed the Company continues to address its chronically recurring cash liquidity issues via sales of Notes such as the Adar Bays Convertible Note, the Einstein Convertible Note and other notes and equity sales via private placements with accredited investors and/or via the SEDA with YA. The Company uses the proceeds from such debt and equity sales to finance its ongoing operations including continuing its financial support of its majority owned subsidiary Omagine LLC (“LLC”). As has frequently been the case in the past the Company is presently in a perilous cash position since it alone is financially supporting LLC because of CCC’s default and RCA’s delayed payment of its required investment into LLC (See our June 30, 2017 report on Form 10-Q filed with the SEC for further details). As in the past, the Company continues its efforts to raise cash to pay its obligations as they come due, some of which are past due as of the date hereof. The Company is in discussions with a European investment fund and with other U.S. and Asian financing sources and hopes (but is uncertain if it will) close an equity sale at LLC in the near future (although absolutely no assurance whatsoever of the closing of any such equity sale at LLC or other financing for the Company can be given until it is actually accomplished). The Company is also in discussions with Royal Court Affairs (RCA) which represents His Majesty Sultan Qaboos and is the Company’s partner in Omagine LLC in order to induce RCA to invest its overdue $20 million equity investment into LLC. LLC management (and its attorney) have recently written directly to His Majesty the Sultan about this matter. Management spoke to the RCA representative on January 4, 2018 and we were informed that a conclusion of this matter would occur shortly once His Majesty was further briefed by the RCA staff. For many, many months now (since July 2016 and more intensely since at least April of 2017), RCA has indicated to the Company that they would resolve the ongoing internal Oman government discussions about how and when the Omagine Project should proceed – including the how and when of RCA’s long overdue $20 million equity investment into LLC. In spite of these continued assurances from RCA, as of the date hereof the Company has received no definitive decision or guidance from RCA on this matter. We are hopeful (but more than a little uncertain) that – as the RCA representative informed us on January 4, 2018 - a conclusion of this matter will occur shortly once His Majesty has been further briefed by the RCA staff. The conclusion of either one or more of the aforementioned equity investments into LLC will result in a substantial payment by LLC to Omagine, Inc. which would resolve the Company’s long-standing cash liquidity issues.


I'm glad management wrote directly to his majesty.  Maybe that will break the log jam.  Maybe not.  

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