Archer Materials Ltd (ASX:AXE) is offering shareholders an opportunity to participate in a share purchase plan (SPP) to raise up to $3 million.
The SPP entitles eligible shareholders to purchase up to $30,000 of Archer shares at an issue price of 13 cents per share.
Archer is aiming to build an industry-leading materials technology company which comprises two business functions: Advanced Materials and Mineral Exploration.
Advanced Materials
Archer’s main focus is on the development of a room temperature quantum computer chip as part of its 12CQ Project.
12CQ aims to develop a room-temperature operation qubit processor chip that may overcome both the limitations of sub-zero operating temperatures and electronic device integration for qubits, which are two challenges that currently stand in the way of widespread ownership of quantum computing powered devices.
In addition to the quantum computer chip, the Advanced Materials business is also developing a graphene ink based biosensor and uses for Campoona graphite in lithium ion batteries.
Mineral Exploration
The Mineral Exploration business is exploring Archer’s kaolin and nickel projects in South Australia and Western Australia respectively.
The company has identified an outcropping large kaolin project that is close to infrastructure near Kimba, South Australia.
The nickel project is located near existing nickel projects and prospects, including the Mt Keith Nickel Mine.
Use of funds
- Continued development of the room temperature quantum computer chip and the broader 12CQ Project.
- Further development of the graphene ink biosensor.
- Further testing of the Campoona graphite and to finalise the application for the Campoona Shaft Program for Environmental Protection and Rehabilitation (PEPR).
- Exploration of the South Australian kaolin and halloysite projects and the company’s West Australian Mt Keith Nickel Project.