Let's hope Omagine doesn't need to issue many of the 3MM shares registered in the S-1. Historically they've used the SEDA as little as possible:

"Sales of Common Shares to YA in 2013 pursuant to the SEDA totaled 163,094 Common Shares for aggregate proceeds to Omagine of $205,000 and in 2012 such sales totaled 68,480 Common Shares for aggregate proceeds to Omagine of $90,000."

If the DA ever gets signed, Omagine might decide to make a loan to the LLC to trigger the $70MM investment in the LLC. Ideally they can use the outstanding warrants to raise the needed capital instead of using the SEDA.