This is not a dillution in the float as they aren't issuing more shares of Omag. They are selling a small piece (as small as possible) of Omagine's 60% share of LLC. So any increase in BV of LLC will have to be multiplied by something less than 60% to be reflected, on a consolidated basis, on Omagine Inc's books. But this will be somewhat offset by the higher price that Omagine will require for LLC relative to the current investment by LLC's existing shareholders.

I believe that management's past philosophy of only utilizing the SEDA (Standby Equity ... Agreement) as little as possible in order to continue funding operations but minimizing its usage so as to minimize dillution, will be seen in any sale of a "sliver" of LLC.

Bottom line, it may likely reduce the benefit to Omagine shareholders of any increased value of LLC, but only somewhat. Kind of like us benefiting only fabulously instead of very fabulously.