Omagine (OMAG) Stock Gets A Huge Boost From A Huge Deal

OMAG“OMFG” was the reaction most OTC penny stock traders had when they saw the press release Omagine, Inc. (OMAG) issued yesterday at roughly 2:28PM EST. The real-estate development focused Company stated that they inked a deal with the Government of Oman to construct a $2.5 billion living/entertainment project on approximately 245 acres of beachfront land that His Majesty, the Sultan, owned and transferred to the Government so that this project could be done. Having had less than 2 hours of trading in reaction to the news, the rapid fire trades and sharp, upward price rush for OMAG stock has those who got in on the dip late Thursday praying towards the west for another day of northern movement.

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Market Cap: 52.49M
Last: 3.29 ▲ +1.65 (+100.61%)
Volume: 586,827
Dollar Volume: $1,817,100
Open: 1.56
High: 3.74
Low: 1.55
Trades: 888
14-Day RSI: 75.02%
1st Resistance Point: 4.17
1st Support Level: 1.98
52Wk High: 3.74
52Wk Low: 0.56

Most ignorant westerners here the word Oman and immediately connect the Middle Eastern country to terrorism whereas Wikipedia can correct that mistake quite easily when browsed to see that it’s actually an Arab state in Southwest Asia, on the southeast coast of the Arabian Peninsula, where it holds a strategically important position at the mouth of the Persian Gulf. That “strategically important position” allows for the country to have one of the highest per capita GDP’s at over $90 billion to be divided by their some 4 million plus inhabitants.

So, with news that Omagine is due to enter into the planning stages of an estimated $2.5 billion real estate development project on the coastline of Oman, traders saw the money and the location and decided for themselves which attitude they would assume as OMAG stock was trading right around $2.25 when the news hit. With just under 16 million reported shares issued and outstanding as per the most recent SEC filing, the thinness of OMAG stock was enough to have many grab what they could prior to almost running up to $4 a share in just over an hour.

What the naked eye can see is that YA Global Master SPV, Ltd. is linked to Omagine, having had a note payable balance of $422,066 as of June 30, 2014, which has some traders wondering just how real this land deal is going to be. YA Global can be linked to Medbox, Inc. (MDBX), a couple of low priced Nasdaq stocks as well as a few more which all trade across the pond on the London AIM exchange.

With just $504,749 in current assets, $486,809 of which was cash and liabilities almost 4x the cash amount, $1,665,618, How Omagine plans to finance the deal is a question. Insiders already hold 5,696,317 shares of OMAG stock, which makes the current float around 10 million with only another 34 million or so that can be sold without increasing their authorized shares.

What removes some doubt as to whether or not OMAG can run further is the item within the S1 filing which states:

As of September 19, 2014 there were 6,422,124 Strategic Warrants issued and outstanding, 3,211,062 of which are exercisable at $5.00 per Common Share and 3,211,062 of which are exercisable at $10.00 per Common Share and, based upon the number of Record Shareholders on January 17, 2012, there are approximately 1,122 holders of our Strategic Warrants.

$5 and $10 warrants are a nice thing to see when you’re thinking about paying $4 for a one-day wonder OTC stock that just put out some pretty impressive news.

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About OMAG Stock

Omagine, Inc. is a development stage company focused on entertainment, hospitality and real-estate development opportunities in the Middle East and North Africa.

Click here to view the SEC filings for OMAG.
Click here to view the website for Omagine.

Authorized: 50,000,000
Issued and Outstanding: 15,955,798

Last 5 Trading Sessions:

Date Open High Low Last Change % Chg Volume
10/02/14 1.5600 3.7400 1.5500 3.2900 +1.6500 +100.61% 586,800
10/01/14 1.6400 1.6400 1.6400 1.6400 unch unch 100
09/30/14 1.3400 1.6400 1.3400 1.6400 +0.4400 +36.67% 5,100
09/29/14 1.2000 1.3500 1.2000 1.2000 -0.0500 -4.00% 2,100
09/26/14 1.4400 1.4400 1.2000 1.2500 -0.2700 -17.76% 11,800

 

Bottom Line:

With less than 2 hours of trading, OMAG was one of the hottest, best performing penny stocks on Thursday and is almost guaranteed to break past $4 before the first hour of trading ends today. With only one other “over $1” OTC stock being on the rapid response radar, Virtus Oil and Gas Corp. (VOIL), expecting to see a similar volume, double-digit green session for OMAG stock is a pretty good bet to bank on.

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