The money raised through the placement will be used in conjunction with A$5 million to be raised in a non-underwritten share purchase plan that will provide AXE with A$20 million to develop its 12CQ quantum computing qubit processor chip and lab-on-a-chip biochip technologies.
(, ) has successfully completed a A$15 million placement at A$1.45 per share, with funds to be used to further its technology and commercial development in the US.
Demand for the placement was high, with strong support from institutional investors that well exceeded the 10.3 million new fully paid shares to be issued.
The raise represents a 16.4% discount to the last close price on September 30, 2021, of A$1.735. Settlement of is expected to occur on Thursday, October 7, 2021, with allotment scheduled for the following day.
Money raised through the placement will be used in conjunction with A$5 million to be raised in a non-underwritten share purchase plan (SPP) that will provide AXE with A$20 million to develop its 12CQ quantum computing qubit processor chip and lab-on-a-chip biochip technologies.
“We are very pleased with the overwhelming support received in the placement in this transformational moment for Archer,” Archer’s executive chairman Greg English said:
“We thank our existing shareholders for their ongoing support and welcome a number of new, high-quality institutional investors to our register, supporting our journey towards developing the next generation of semiconductors that could spur breakthrough solutions like quantum computing.”
Money to execute strategic focus
AXE had a net cash position of A$6.2 million as at June 30, 2021, and was already well funded to drive its ongoing development of its technologies.
The company is developing these advanced semiconductor devices for commercialisation in the multi-billion-dollar global quantum technology and human health industries.
Funds raised from the equity raising only strengthens AXE’s position at it looks to execute its strategic focus which includes:
- Progressing Archer’s world-first technology development, including its 12CQ chip and Biochip.
- Utilising world-class technology development infrastructure and facilities, R&D, people and IP to support pre-market development of Archer’s technologies.
- Protecting intellectual property assets (eg patents and international patent applications) underpinning the company’s technology.
- Establishing and strengthening new and existing commercial partnerships in Australia and abroad.
- General working capital requirements.
Existing eligible shareholders can take part in AXE’s SPP at the same issue price as the placement – A$1.45 per share.
Shareholders are being given the opportunity to increase their holding by up to A$30,000 without incurring any brokerage or transaction costs.
The SPP is targeted a A$5 million raise that is not underwritten and AXE may increase or decrease the size of the SPP and/or scale back applications under the SPP at its discretion.
The SPP open on Thursday, October 7 and closes on Thursday, October 28, 2021. Allotment of news shares under the SPP will occur on November 4, with the start of trading under the news shares to commence on Friday, December 5, 2021.
This is a syndicated post. Read the original post at Source link .