Omagine

Company has signed a Development Agreement with the Government of the Sultanate of Oman. Omagine Owns 60%; Sultanate Owns 25%; Consolidated Contractors Owns 15%. Project to be developed on 245 acres of beach front land on Gulf of Oman. The estimated cost approximately $2.5 Billion. BNP Paribas To Lead Construction Financing Syndicate.

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Re: Onward and Upward

Omagine

over 9 years ago

in response to clarktwayne's message

The signing of the Usufruct Agreement and the disclosure of the land valuation deserves to get a press release, not just an 8-K. (Because potential investors are MUCH more likely to see a press release than an 8-K!!!) Signing the contract with CCC also deserves a press release. Selecting a financial adviser deserves a press release. And of course, completing the initial financing deserves a press release. I agree OMAG may have bottomed and will start moving in the right direction again!

JohnPaul: I don't think the initial financing is dependant on a financial feasibility study. Omagine wants to complete the financing ASAP and not wait for a study. For a financing of $5-$20 million, the appraisal could be enough. The feasibility study will be needed to raise financing in the hundreds of millions of dollars.

Thanks to everyone who helped me get out of the Mail Room! ;)

T-Jeff