- Archer Materials is offering shareholders the opportunity to participate in a share purchase plan to raise $3 million
- Shareholders will have the opportunity to purchase up to $30,000 worth of shares at a price of 13 cents apiece
- In Archer’s 2019 AGM the company provided an update in the progress of its materials technology company
- Archer has ended the day unchanged with shares trading for 14.5 cents apiece
Archer Materials is offering shareholders the opportunity to participate in a share purchase plan (SPP) to raise $3 million.
The SPP enables eligible shareholders to purchase up to $30,000 worth of new fully paid ordinary shares at a price of 13 cents apiece.
This price represents a 10.3 per cent discount to the closing price on November 4, of 14.5 cents, and a 4.5 per cent discount to the volume weighted average price of shares over the last five days.
At the 2019 AGM, and earlier shareholder meetings in Adelaide and Melbourne, Archer provided an update regarding the progress in the construction of an industry-leading materials technology company.
The materials technology company is made up of two business functions: advanced materials and mineral exploration.
The advanced materials business is underpinned by three pillars: quantum technology, human health and reliable energy.
Archer’s main focus is on the development of a room temperature computer chip as part of its 12CQ Project.
The 12CQ project aims to build a carbon-based quantum computing chip that is capable of room-temperature information processing.
Currently, to keep quantum computers stable they need to be cold. The inside of an average quantum computer is -460 degrees Fahrenheit (-273 degrees Celsius) while a standard computer is 70 degrees Celsius.
In addition to this quantum computer chip, the materials business is also developing a graphene ink based biosensor and uses for Campoona (district in South Australia) graphite in lithium ion batteries.
The mineral exploration business is exploring Archer’s kaolin and nickel projects in both South and West Australia.
The company has identified a large outcropping kaolin project that is close to infrastructure near Kimba, South Australia.
Archer’s nickel project is located near existing nickel projects and prospects including the Mt Keith Nickel Mine.
The company has ended the day unchanged with shares trading for 14.5 cents apiece in a market cap of $28.57 million.