Omagine, Inc. (OTCPK:OMAG) announced that it has entered into a note purchase agreement for private placement of a convertible promissory note for gross proceeds of $55,000 on September 28, 2017. The transaction included participation from new investor EMA Financial, LLC. The note carries a fixed annual interest rate of 12% and would mature on September 28, 2018, and convertible into the company’s common stock after 180 days from the issuance date at a conversion price equal of $0.001 par value per share to the lower of the closing sale price for the common stock on the principal market on the trading day immediately preceding the closing date, and fifty percent of either the lowest sale price for the common stock on the principal market during the twenty-five consecutive trading days including and immediately preceding the conversion date, or the closing bid price. Interest shall be computed on the basis of a 365-day year and the actual number of days elapsed. Any amount of principal or interest on this note which is not paid when due shall bear interest at the rate of 24% per annum from the due date thereof until the same is paid. The securities will be issued pursuant to exemption provided under Regulation D. On or prior to the closing, the company shall pay or reimburse to purchaser a non-refundable, non-accountable sum equal to $2,200 as and for the fees, costs and expenses of the transaction.