ANDAMAN Resources his made an open offer of new shares to its existing shareholders to raise £135,000 sterling. The terms are one new share of 0.2p for each share held, at a price of 0.5p per share. There are 29.76 million shares in issue and Andaman Resources has already received commitments, from third parties, to subscribe for 20 million shares.

Andaman Resources is a newly formed public company, following a scheme of arrangement sanctioned by the Northern Ireland High Court which allowed Andaman plc to transfer its natural resources related assets to the resources company. Shareholders in Andaman plc received one 0.2p ordinary share in Andaman Resources for each ordinary share held. These new shares were quoted yesterday at 0.5p on the OFEX in London.