Archer Materials Ltd raises AU $ 15 million to support its strategic direction and US ambitions
The money raised through the placement will be used in conjunction with AUS $ 5 million to be raised as part of an unsubscribed stock purchase plan that will provide AX $ A20 million to develop its qubit d processor chip. quantum computing 12CQ and its laboratory on a biochip chip technologies.
(,) successfully completed an A $ 15 million placement at A $ 1.45 per share, with the funds to be used for further technological and business development in the United States.
Demand for the placement was high, with strong support from institutional investors which far exceeded the 10.3 million new fully paid shares to be issued.
The increase represents a 16.4% discount from the last closing price on September 30, 2021 of A $ 1.735. Settlement of is expected to take place on Thursday, October 7, 2021, with an award scheduled for the next day.
The money raised through the placement will be used in conjunction with AU $ 5 million to be raised as part of an unsubscribed Share Purchase Plan (SPP) that will provide AX $ A 20 million to grow its business. 12CQ quantum computing processor chip and lab-on-a-chip biochip technologies.
“Moment of transformation”
“We are very pleased with the overwhelming support received during the placement at this transformative time for Archer,” said Archer Executive Chairman Greg English:
“We thank our existing shareholders for their continued support and welcome a number of new high quality institutional investors to our registry, supporting our journey towards the development of the next generation of semiconductors that could drive breakthrough solutions like IT. quantum. “
Money to execute strategic direction
AX had net cash of A $ 6.2 million as of June 30, 2021 and was already well funded to drive the continued development of its technologies.
The company is developing these advanced semiconductor devices for commercialization in the multi-billion dollar quantum technology and human health industries.
The funds raised through fundraising only strengthen the position of AXIS which seeks to execute its strategic objective which includes:
- Advancing Archer’s technological development, a world first, including its 12CQ chip and Biochip.
- Use of world-class technology development, R&D, personnel and intellectual property infrastructure and facilities to support the pre-commercial development of Archer technologies.
- Protect intellectual property assets (eg patents and international patent applications) that underpin the company’s technology.
- Establish and strengthen new and existing business partnerships in Australia and abroad.
- General working capital requirements.
Existing eligible shareholders can participate in AXA’s SPP at the same issue price as the placement – A $ 1.45 per share.
Shareholders have the option of increasing their stake up to A $ 30,000 without incurring any brokerage or transaction costs.
The SPP is aiming for an increase of AU $ 5 million that is not subscribed and AX may increase or decrease the size of the SPP and / or reduce requests under the SPP at its discretion.
The SPP opens on Thursday, October 7 and ends on Thursday, October 28, 2021. The allocation of new shares under the SPP will take place on November 4, with the start of trading of the new shares starting on Friday, December 5, 2021.