One mile of Ocean Front, One Incredible Real Estate Development

Multi-Billion Dollar Agreement Signed With Oman

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Message: baffled and confused
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Dear harrell you may be right, but management needs to raise almost $700,000 to put into the set-up of the project company and this needs to be done before the DA will be signed.

Maybe your right and they can raise the money in a alternative method, but to think this volume is due to margin calls when the market has rebounded 30% off the lows?

The Company has filed the Registration Statement with the SEC and the SEC has declared such Registration Statement to be effective as of May 1, 2009. Look at the chart and see the volume! This is no coincidence.

Amendment No. 2
FORM S-1/A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
_____________________________
OMAGINE, INC.
(Name of Registrant in its charter)In order to obtain needed capital, we entered into a Standby Equity Distribution Agreement with YA Global Investments, L.P. dated as of December 22, 2008.
The sale of shares of our common stock pursuant to the SEDA will have a dilutive impact on our stockholders. We believe YA Global intends to promptly re-sell the shares we issue to them under the SEDA and that such re-sales could cause the market price of our common stock to decline significantly with advances under the SEDA. To the extent of any such decline, any subsequent advances would require us to issue a greater number of shares of common stock to YA Global in exchange for each dollar of the advance. Under these circumstances our existing stockholders would experience greater dilution. The sale of our common stock under the SEDA could encourage short sales by third parties, which could contribute to the further decline of our stock price.




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