Closing Statement for Note Purchase Agreement between Omagine Inc. and YA II PN, Ltd. dated June 22, 2016
Omagine Inc. and YA II PN, Ltd. have agreed on the financial terms for closing a Note Purchase Agreement dated June 22, 2016. The Investor will pay Omagine Inc. $400,000 in gross proceeds, with a $40,000 commitment fee deducted and paid to YA Global II SPV LLC, resulting in net proceeds of $360,000 to Omagine Inc. The agreement outlines the payment instructions and confirms the parties' obligations regarding these transfers.
Exhibit 10.3
June 22, 2016
| RE: | Closing Statement in connection with the Note Purchase Agreement between Omagine Inc. (“Company”) and YA II PN, Ltd. (“Investor”). |
This letter shall constitute the Closing Statement agreed upon between the Company and the Investor regarding various payments and transfers to be made by the parties in connection with Note Purchase Agreement dated June 22, 2016 (“Subscription Agreement”).
The parties hereby agree that the Investor shall make the payments and transfers set forth below in accordance with the wire instructions to the account of each recipient as set forth on Schedule A attached hereto (or otherwise provided to the Investor):
| Gross Proceeds to be paid to the Company: | $ | 400,000.00 | ||
| Less: | ||||
| Commitment Fee to be paid to the YA Global II SPV LLC (as designee of the Investor): | $ | (40,000.00 | ) | |
| Net Proceeds to the Company: | $ | 360,000.00 |
[SIGNATURE PAGE IMMEDIATELY TO FOLLOW]
| Omagine Inc. | ||
| By: | /s/ Charles P. Kuczynski | |
| Name: | Charles P. Kuczynski | |
| Title: | Vice President & Secretary | |
| YA II PN, Ltd. | ||
| By: Yorkville Advisors Global, LP | ||
| Its: Investment Manager | ||
| By: Yorkville Advisors Global, LLC | ||
| Its: General Partner | ||
| By: | /s/ Gerald Eicke | |
| Name: | Gerald Eicke | |
| Title: | Managing Member | |
SCHEDULE A
ACCOUNT INSTRUCTIONS
| Omagine Inc. - Confidential | |
YA Global II SPV LLC and the Investor:
Instructions on file.
