Archer Materials Ltd (ASX:AXE) has received applications to raise $1.99 million in funding through its share purchase plan (SPP) that closed last Friday 6 December 2019.
The SPP will see 15.32 million shares issued to investors priced at 13 cents.
With the valuable SPP funding, Archer expects to have $2.7 million in cash and cash equivalents available at the end of the 2019 calendar year.
One company, two businesses
Archer is focused on advancing both its materials technology business and its minerals exploration business.
On the materials front, the company continues to progress its pioneering quantum technology project called 12CQ, a prototype quantum computing chip.
While Archer builds an industry-leading materials technology company, it continues to progress its minerals exploration portfolio featuring graphite, kaolin and nickel projects.
Proactive recently caught up with Archer to overview its minerals exploration business.