Good afternoon, in this month’s Newsletter, we are pleased to highlight the granting of the US patent related to our 12CQ quantum computing chip and Archer’s successful A$15 million placement to domestic and global institutional investors.
Archer reached its most significant early-stage commercialisation milestone with the granting of a US patent for the 12CQ quantum computing chip. This follows the granting of patents this year in Japan, South Korea, and China. Patent protection in the US is a significant step in the Company’s efforts to access global markets and participate in the US technology economy and is required for any future commercialisation operations in the US.
Quantum computing continues to grab international headlines, with the US entering into a trilateral security partnership with Australia and the UK called ‘AUKUS’, with a focus that includes quantum technologies. Meanwhile, US-based quantum computing companies continue to seek public listings in the US through multibillion-dollar SPAC deals.
With the completion of the sale of the Company’s remaining mineral exploration tenements to iTech Minerals Ltd to take place on 14 October 2021, the recent grants of the 12CQ quantum chip-related patents, and the anticipated easing of COVID-19 restrictions and resumption of international travel, the Archer Board of Directors decided to raise funds to expedite our work and actively engage with potential overseas development partners and commercial end-users.
The equity raise comprises a A$15 million share placement which was successfully completed to domestic and global institutional investors at $1.45 per share on 4 October 2021, plus a A$5 million share purchase plan at $1.45 per share (“SPP”) which opened on 7 October 2021 and is currently still open. Further information regarding the SPP (including terms and conditions of the SPP) can be found on our website.
We look forward to holding in-person events once COVID-19 restrictions ease in Australia and providing you with future updates in the lead up to our Annual General Meeting.
Dr Mohammad Choucair, FRACI FRSN GAICD
Chief Executive Officer
Archer Materials Limited (ASX:AXE)