Archer Materials secures capital for quantum partnership
- Archer Materials completed a $3 million share purchase plan.
- The company's shares traded unchanged at $0.31 following the dual capital raising announcement.
- The raised capital will support a three-year strategic partnership with global quantum software leader IonQ.
Archer Materials (ASX:AXE) secured a $3 million share purchase plan to fund its new quantum computing partnership.
The new capital initiatives follow the technology company's previous closing share price of $0.31 as recorded on the Australian Securities Exchange.
The new shares are priced at $0.27 each.
The capital raising includes a $0.14 million investment from company directors and management, alongside one free unquoted attaching option for every new share allocated.
The company stated that the transaction is expected to accelerate its strategy to establish sovereign quantum computing capability in Australia.
Following the announcement, the Archer Materials share price was unchanged at $0.31.
The capital raising proceeds will primarily fund access to the IonQ Quantum Cloud to develop quantum algorithms, applications, and solutions.
The agreement with IonQ spans a three-year period and focuses on building general working capital alongside specialised sovereign computing initiatives.
