Afri-Can Marine Minerals Corporation
FRANKFURT : AJF
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

January 19, 2007 15:52 ET

Afri-Can Adopts a New Stock Option Plan

MONTREAL, QUEBEC--(CCNMatthews - Jan. 19, 2007) - Afri-Can Marine Minerals Corporation (TSX VENTURE:AFA)(FRANKFURT:AJF) ("Afri-Can") announces that its 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 5,300,000 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% of the issued and outstanding common shares of the Corporation.

The new plan is subject to regulatory approval.

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major mineral properties in Namibia. Afri-Can's large and prospective license holdings, together with its growth strategy, position it as the partner of choice for Namibian Empowerment Groups.

Shares outstanding: 122,488,589

The TSX Venture Exchange (TSX) does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille, President & CEO
    514-846-2133
    514-846-1435 (FAX)
    or
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon, Executive V.P. and CFO
    514-846-2133
    514-846-1435 (FAX)
    info@afri-can.com
    www.afri-can.com