Archer Materials Ltd (ASX:AXE, OTC:ARRXF) will next week take the final step in its transition to a pure-play deep technology company when the sale of its mineral exploration business to iTech Minerals Ltd is completed.
Under a sale agreement with iTech, Archer has agreed to sell its mineral exploration business in return for 50 million iTech shares, which Archer will distribute to eligible AXE shareholders.
iTech closes IPO
iTech closed its initial public offering (IPO) last week after achieving the maximum subscription amount of $7 million.
This, therefore, satisfies all conditions precedent to completion of the transaction and this will take place on October 14, 2021.
As of this date, Archer will no longer hold any mineral exploration tenements and will be solely focused as a pure-play deep technology company.
Archer has lodged an Appendix 3A.5 which sets out the estimated dates, distribution ratio and other information relevant to the in-specie distribution to eligible shareholders.
Quantum computing focus
Archer is a technology company developing advanced semiconductor devices, including chips that are relevant to quantum computing and medical diagnostics.
The company’s flagship development, the 12CQ chip, is a world-first qubit processor technology that could allow for quantum computing powered mobile devices.