Merchant Opportunities Fund had acquired the 9.5 million shares from 1 February 2013 to 19 March 2013 at prices ranging from $0.02955 to $0.001.
InterMet Resources had in April confirmed the magnetic signature over two ultramafic intrusives from preliminary analysis of a detailed ground magnetic program completed at its Calypso Nickel Project in Western Australia.
This indicates that a nickel intersection made by BHP Minerals in the mid 1980's may coincide with a zone of slight magnetic destruction.
The Calypso Project is an early stage nickel exploration project located within the southern extent of the highly endowed Agnew-Wiluna Nickel Belt, which plays host to several world class deposits, along with a number of smaller nickel resources.
These include the 335 million tonne at 0.516% nickel Mount Keith, Perseverance, the 189 million tonne at 0.69% nickel Honeymoon Well, and the 60 million tonne at 0.813% nickel Cosmos Deeps.
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