/Archer Exploration Limited boosts cash position after completing farmland sale (via Qpute.com)
Archer Exploration Limited boosts cash position after completing farmland sale

Archer Exploration Limited boosts cash position after completing farmland sale (via Qpute.com)


() is cashed up to continue development of the 12CQ project that aims to commercialise a world-first quantum computing processor chip technology.

The has more than $2 million cash in the bank to fund its work programs after completing the sale of the Sugarloaf farmland on South Australia’s Eyre Peninsula.

At completion, Archer’s wholly-owned subsidiary Archer Pastoral Company Pty Ltd received a payment of $2.3 million.

READ: Archer Exploration assembles first components for prototype quantum computing chip

Archer’s 12CQ carbon-based quantum computing chip aims to make quantum computing more practical and accessible.

The Sugarloaf farmland was purchased by the company in April 2013 as the proposed future site of the Sugarloaf Graphite Processing Facility.

At the time of the acquisition, the final size of the facility and associated tailings dam was unknown.

Since 2013, Archer has finalised the design and areal extent of the processing facility, and as a result, the company made the decision to sell the land to release funds for other activities.

READ: Archer Exploration progressing towards quantum computing chip development

Under the terms of the sale agreement, Archer has sold all of the land but maintains an option to buy back around 30%, which will be required for construction of the processing facility.

The option to buy back part of the land can be exercised by Archer any time during the next 20 years.

Archer has a focused strategy targeting globally relevant materials markets of human health, reliable energy and quantum technology.


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