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Archer Materials chairman leads by example through SPP participation

Greg English has purchased shares valued at $15,000 in the share purchase plan which raised $1.99 million.

Archer Materials Ltd - Archer Materials chairman leads by example through SPP participation
AXE is focused on building an industry-leading materials technology company

Archer Materials Ltd (ASX:AXE) executive chairman Greg English is leading by example through participation in the company’s share purchase plan (SPP).

English acquired 115,385 shares valued at $15,000 in the SPP and now holds almost 9.6 million shares in two indirect interests.

The company received applications to raise $1.99 million through the SPP that closed on Friday, December 6, 2019.

There will be 15.32 million shares issued to investors priced at 13 cents each.

Well-positioned for growth

With the SPP funds, Archer expects to have $2.7 million in cash and cash equivalents available at the end of 2019.

As a result of the SPP and the amount of cash available, the board has decided the company will not use the 30 million share placement facility approved by shareholders at the 2019 AGM and that this facility will expire unused.

Archer is focused on advancing both its materials technology business and its' minerals exploration business.

On the materials front, the company continues to progress its pioneering quantum technology project called 12CQ, a prototype quantum computing chip.

While Archer builds an industry-leading materials technology company, it continues to progress its minerals exploration portfolio featuring graphite, kaolin/halloysite and nickel projects.

Quick facts: Archer Materials Ltd

Price: 0.52 AUD

Market: ASX
Market Cap: $116.66 m


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