Dec. 30, 2010 (Filing Services Canada) -- Alexander Nubia International Inc. (AAN - TSX Venture), is pleased to announce that its Board of Directors has approved a one-time bonus to its Chief Executive Officer, Alexander Massoud, payable in the form of shares, options and cash.
The bonus is for services performed during the fiscal year ending on December 31, 2010 and includes the provision of the following services:
1. Maintenance of favourable relationships with governmental authorities while the Company was preparing for Phase 2 of its exploration program;
2. Ensuring that the Company maintained positive working relationships with its suppliers during the past year; and
3. Commitment, work, effort and attention to the needs of the Company and its shareholders.
The bonus is to be paid as follows:
1. US$70,000 payable in cash;
2. 380,000 common shares in the capital of the Company, with such issuance being conditional upon receiving disinterested shareholder approval in accordance with the rules of the TSX Venture Exchange at the next meeting of the shareholders of the Company; and
3. Options to acquire 190,000 common shares exercisable for a period of two years at US$0.225 per share in the first year, and US$0.30 per share for the second year pursuant to the Company's stock option plan.
About Alexander Nubia International Inc.
Alexander Nubia is a mineral exploration company whose mission is to implement the technical expertise of developed mineral-exploration jurisdictions, such as that of Canada, in resource-rich Africa. Initially, Alexander Nubia has established Egypt as its platform country, focusing on the under-developed Eastern Desert, where historical mining of gold and copper dates back to Pharaonic times. Alexander Nubia presently controls the Abu Marawat concession in Egypt. The Abu Marawat concession, covering an area of approximately 1,370 km2 contains the main Abu Marawat, Semna and Hamama volcanogenic massive sulfide ("VMS") properties and other gold and base-metal exploration targets. The concession is located in Egypt's Eastern Desert as part of the Nubian Shield.
For more information on Alexander Nubia please visit our web site at www.alexandernubia.com or contact:
A. Alexander Massoud
President & Chief Executive Officer
Egypt: +2 (0) 22 287 6914
Canada: +1 (877) 607-4747
Email: amassoud@alexandernubia.com
or
Donald M. Cameron, CA
Chief Financial Officer
Canada: +1 (877) 607-4747
Email: dcameron@alexandernubia.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The securities of Alexander Nubia International Inc. described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Alexander Nubia International Inc. (TSXV AAN) www.alexandernubia.com
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