Welcome back! Hope you still have your shares. The warrants give you the right to purchase one common share for each warrant owned, directly from the company at either $5 or $10, depending upon which warrants you're exercising. They are worthless until they hit the those prices. See page 15 of the June 30, 2013 10Q report.

Once the share price goes above $5, you can purchase shares from Omagine Inc at $5.00 and immediately (if you wanted to) sell them on the open market for whatever the market price is. Likewise the $10 warrants. Let me know if you would like further clarification. Of course, you could excercise your options before the price hits $5 or $10, but then you'd have to check yourself into an asylum. Just saying! :)

Don't know if you've seen my earlier posts regarding the increase in book value/share once the DA is signed, but here are the numbers again (keep in mind these are all contractually contained within the DA and so there is no risk that these transactions won't occur ... ONCE he DA is signed):

New capital going into Omagine LLC ("LLC") at "Financing Date" will be $69.2 million (60% accrues to Omagine Inc., or $41.4m = $2.80/share increase in BV);

Reimbursement to Omagine Inc for previously expensed re-development costs of $4.5m now and another $4.5m over next 5 years. The 1st $4.5m = $0.30/share in BV;

Success Fee to Omagine Inc of $2.0m or $0.13/share in BV;

But the big kicker is ...

Value of land that RCA will contribute to LLC for the project MAY BE valued at $450 million, of which 60% would accrue to Omagine Inc., or $18.20/share.

All in, book value should rise by $21 or more.