The SEC filings seem to imply that the LLC would be issuing new shares, rather than Inc. selling some of its shares (although that might be possible too).

If LLC sells a 10% stake, the new percentages would be:

New investor: 10%

RCA: 22.5%

CCC: 13.5%

OMAG: 54%

If the 10% stake came directly from Omagine Inc., Inc's percentage would drop to 50% and other owners would stay the same.

If LLC issues mandatory convertible promissory notes, it would still be dilutive since the notes would convert into a stake in the LLC. But the LLC would be taking in a big chunk of money, so it should be worth it. (It would also trigger the additional $69 million investment.)