Afri-Can Marine Minerals Corp.’s board of directors has approved a new stock option plan (the 2007 plan). The total number of shares that may be issued pursuant to this plan is 5.3 million common shares. Currently, Afri-Can maintains three stock option plans (the 1997, 1998 and 1999 plans). As a result, the maximum number of common shares which may be issued under this new plan and the preceding plans shall be 9,528,746 common shares, being equivalent to 8 per cent of the issued and outstanding common shares of the corporation.
The new plan is subject to regulatory approval.
