InterMet Resources Limited (ASX:ITT) is an exploration company with tenements in Western Australia and northern Queensland.
In January 2013, the Company announcement a binding Option Agreement with Rossiter Minerals Limited, for an exclusive six month option to acquire an 80% interest in the Calypso Nickel Sulphide Project in Western Australia. A capital raising undertaken in two tranches will see the proceeds primarily deployed in the due diligence of the Calypso Project and a review of the overall prospectivity of the tenement.
In 2005 the South Australian Government released a large area of highly prospective tenements in the Gawler Craton with several key holdings acquired by a joint venture with Hillgrove Resources Limited. To facilitate future exploration a A$4 million capital raising was proposed late that year. Hillgrove listed their 30% owned subsidiary (down from 77%), InterMet Resources Limited on the Australian Stock Exchange (ASX) on 20 April 2006. The initial public offering closed oversubscribed by approximately $2 million due to strong support from brokers and Hillgrove shareholders, under a priority shareholder allocation offer.
InterMet ran its uranium, gold and base metals tenement portfolio for two years until 2008 when the global financial crisis arrived in earnest. It was felt that remaining synergies between the companies provided a series of compelling benefits for their re-merging. Hillgrove successively concluded the takeover of InterMet and its associates on the 30 August 2008, reaching an 84.8% relevant interest.
Considerable time was spent reviewing the extensive InterMet portfolio with a view to reducing it to defining key projects on which to focus exploration efforts. Exploration work undertaken by joint venture partners in South Australian was reviewed and the team at Mareeba in North Queensland worked to complete the assessment of the various Queensland projects. This work saw a large reduction in tenement holdings to a few Queensland tenures.
The InterMet Board remained committed to repositioning the company to enable it to fund projects independently of Hillgrove Resources. This search for suitable projects and re-establishing shareholder value resulted in the Cygnet Capital agreement in early 2013 which saw a new board, management shift, the clearing of all debt and Hillgrove's holding reduced.