Archer to raise $3m to develop qubit chip

New materials developer Archer Materials is to raise up to $3 million from investors through a share purchase plan.

The company, which is developing a quantum computer chip, will use the funds to increase the pace of its work programmes and hire additional staff.

The company last raised capital in 2019 at 13 cents a share, with the company now trading at 68.5 cents.

The company’s shares can be purchased at this time for 60 cents a share, a small discount.

The company is continuing development of its CQ qubit chip technology, and recently reached an agreement with IBM to use its open source software framework.

It is also developing its Franklyn halloysite-kaolin project with a pilot plant due for for completion in June.

Picture: Archer Minerals

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