Archer raises funds for Advanced Materials Business
Archer Materials Limited (ASX:AXE) has informed the market that it will close its Share Purchase Plan (SPP) on Friday, December 6, 2019 at 5 PM eastern daylight saving time.
The SPP aims to raise $3 million and if total demand for the SPP exceeds that amount the Archer board reserves the right to close the SPP early and scale back applications or elect to increase the amount raised under the SPP.
The proceeds raised from the SPP will provide Archer with the funding required to progress the company’s Advanced Materials Business, in particular the development of the room temperature quantum computer chip, as well as exploration of the company’s tenements.
By way of background, Archer provides shareholders exposure to financial returns from innovative technologies and the materials that underpin them.
The company’s strategy is to build an industry-leading materials technology company that delivers maximum value to shareholders through the commercialisation of assets at various stages of the materials lifecycle.
Archer has strong intellectual property, broad-scope mineral tenements, world-class in-house expertise, a diverse advanced materials inventory, and access to over $300 million of research and development infrastructure.
Ready for full patent application
Most recently the company announced that it had progressed its graphene-based biosensor technology development by building a first-phase prototype device to test the printing and performance of graphene inks produced from the inventory of Carbon Allotropes (graphene inks).
As Finfeed noted earlier in the week, this was a key development milestone towards commercially exploiting the intellectual property underpinning the graphene-based biosensor technology.
The company is now positioned to lodge a full patent application that would give Archer’s exclusive rights to commercially benefit from the intellectual property.
Management noted at the time that the materials and processes used to build the prototypes are not prohibitively expensive which is extremely important in the printable biosensor market.
Archer’s progress in 2019 hasn’t gone unnoticed, particularly over the last six months during which time its shares have soared 70%.