The SEDA (not to be confused with Passover dinner) stands for Stand By Equity Distribution Agreement and is an arrangement with YA Global Master SPV Ltd. Basically, the company will sell to YA a number of shares based on the average price of the stock over the previous few days. This has been done from time to time to raise capital for Omagine to continue forward with enough funds to do what they have to do. Management, in my opinion, has been careful to minimize the use of this facility as it dilutes current shareholder value because of the issuance of new shares. Details on this arrangement are in the 10k and at least some of the 10Qs (from what I recall).

YA then turns around and likely sells their shares on the open market. That's the long answer. The short answer is that "Frank" raises money when he sells shares to YA. It's possible YA is selling at these low prices, don't know why anyone would, thus allowing some of our friends on this board to pick up some "product" on sale.

Hope this helps!