AuMEGA Metals (ASX:AAM) has adopted an amended and restated equity incentive plan, featuring a 10% rolling stock option component and fixed share units, reserving 65.7 million shares for issue, according to a Thursday filing with the Australian bourse.

The plan, approved at a special shareholder meeting, requires annual approval at the company's annual general meeting and review by Canada's TSX Venture Exchange, the filing said.

Under Australian Securities Exchange Listing Rules, the company can issue up to 70 million securities under the plan over three years without using placement capacity, the filing added.

Any excess issuance will require shareholder approval, the company said.

Shares of the mineral explorer fell nearly 10% in recent Thursday trade.