From the last 10-Q:
Although Omagine and the New Shareholders will have invested an aggregate of 360,000 Omani Rials (equivalent to approximately $936,000) before the Financing Agreement Date, 26,628,125 Omani Rials ($69,233,125) of the Deferred Investments will not be invested by the New Shareholders or received by LLC until the Financing Agreement Date.
The Financing Agreement Date is presently projected by management to occur within twelve months after the signing of the DA. If however the financial resources are available to Omagine, then Omagine and LLC may at their option, choose to trigger the Financing Agreement Date earlier by having Omagine make a secured loan to LLC (and thereby, pursuant to the provisions of the Shareholder Agreement, trigger the $69,233,125 Deferred Investment by the New Shareholders into LLC) to finance the first phase of the development of the Omagine Project.
Management presently intends to pursue the sale of a further percentage of LLC’s equity to one or more investors as soon as reasonably possible subsequent to the signing of the DA and management presently believes it can maintain Omagine’s majority control of LLC while successfully selling such LLC equity to new investors for an amount in excess of the average cash investment amount paid by the New Shareholders.
