Not sure how many of you have read the first few pages of the S-1 filing by Omagine Inc. filed 9/23/2014, but the first few pages discuss a pending sale of shares by YA Global Master SPV Ltd (aka, "YA") under the latest Standby Equity Distribution Agreement (SEDA), which is effective 4/22/2014 and is a 2-year agreement. This SEDA, which has been around for years and has been a principal source of new capital to keep us going, has been utilized prudently, in my view, in terms of minimizing the number of new shares issued which thus dilutes current shareholders. A necessary evil, but it's keeping us alive long enough to get this deal done.

Anyway, the S-1 discusses the plan for YA to sell up to 3,085,822 common shares (including 85,822 that it already beneficially owns), on the open market. Hence the required S-1 filing. This would include a potential issue of an additional 3 million shares which would bring the number of shares outstanding to 19,185,798 (see bottom of page 2 of prospectus). This additional offering would dilute the book value/share (as calculated by me) by $4.36 relative to what the BV would be without the additional shares being floated. This analysis assumes the DA has been signed and all of the previously discussed transactions have occurred (infusion of nearly $70m in cash to LLC, addition of the land at a conservatively estimated value, etc.) .... all of which I will publish in more detail once H.E. of MOT fame has signed the DA. Suffice it to say, the BV will still be substantial, but not as much as I'd hoped for. Still, the potential upside remains huge so let's not all completely give up hope (just give up a little ... as we've been doing of late).