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.

Home Videos Research Press Release Q&A Discussion

Threads Posts

financing

Omagine

almost 9 years ago

it ain't a scheme and it ain't hocus pocus.

if the qatari loan gets finalized (and it looks like a no risk for them) this project is off and running. the shareholders commitment is automatic after the loan commitement. This is certainly the most amazing self financing agreement I have ever seen. Look at the Omag balance sheet... no cash.. just land with an encumberance (it must be used to develop Omagine)... I have always wondered how Omag could meet the shareholders requirement for independent first round financing without giving away the (equity) store. Now we know.