it ain't a scheme and it ain't hocus pocus.

if the qatari loan gets finalized (and it looks like a no risk for them) this project is off and running. the shareholders commitment is automatic after the loan commitement. This is certainly the most amazing self financing agreement I have ever seen. Look at the Omag balance sheet... no cash.. just land with an encumberance (it must be used to develop Omagine)... I have always wondered how Omag could meet the shareholders requirement for independent first round financing without giving away the (equity) store. Now we know.