Omagine, Inc. (OTCMKTS:OMAG) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into Material Definitive Agreement
Omagine, Inc. (the ”Company”) and EMA Financial, LLC (“EMA”), an accredited investor, entered into a convertible promissory note dated September 28, 2017 (the “EMA Convertible Note” or the “Note”) for the principal amount of $55,000. Funding to the Note will be received following the filing of this Form 8-K. The Note is due September 28, 2018 with interest at 12% per annum and convertible into the Company’s Common Stock after 180 days from the Issuance Date at a conversion price equal to the lower of the closing sale price for the Common Stock on the Principal Market on the Trading Day immediately preceding the Closing Date, and fifty percent of either the lowest sale price for the Common Stock on the Principal Market during the twenty-five consecutive Trading Days including and immediately preceding the Conversion Date, or the closing bid price.
The foregoing summary of the terms of the transaction do not purport to be complete and is qualified in its entirety by reference to the full text of the EMA Convertible Note and the EMA Securities Purchase Agreement attached hereto as Exhibits 10.1 and 10.2, respectively.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibit Numbers and Description:
Omagine, Inc. ExhibitEX-10.1 2 f8k092817ex10-1_omagine.htm CONVERTIBLE PROMISSORY NOTE DATED SEPTEMBER 28,…To view the full exhibit click here
About Omagine, Inc. (OTCMKTS:OMAG)
Omagine, Inc. (Omagine) is a holding company. The Company is focused on entertainment, hospitality and real estate development opportunities in the Middle East and North Africa (the MENA Region), and on the design and development of tourism destinations. The Company conducts its operations through its subsidiary, Omagine LLC, an Omani limited liability corporation (LLC) and its subsidiary, Journey of Light, Inc. (JOL). Omagine organized Omagine LLC to design, develop, own and operate its initial project, a mixed-use tourism and real estate project named the Omagine Project. The Omagine Project is being developed on one million square meters (equal to 100 hectares or approximately 245 acres) of beachfront land facing the Gulf of Oman, west of Oman’s capital city of Muscat and approximately six miles from Muscat International Airport.
