logo-loader
viewArcher Materials Ltd

Archer Materials concludes sale of non-core Leigh Creek Magnesite Project for $2.89 million

Archer shares recently surged on a technological breakthrough with the building of quantum devices required for initial qubit control measurements.

Archer Materials Ltd - Archer Materials concludes sale of non-core Leigh Creek Magnesite Project for $2.89 million
The company’s primary focus is now on its materials technology business

Archer Materials Ltd (ASX:AXE) (OTCMKTS:ARRXF) (FRA:38A) has completed the sale of its Leigh Creek Magnesite Project for a total consideration of $2.89 million which includes a cash payment of $250,000 and shares worth $2.64 million in Volatus Capital Corp (CNSX:VC).

Strategy to monetise non-core assets

Archer executive chairman Greg English said: “The sale of the Project is part of our strategy of monetising our exploration and other non-core assets, and so far we have received approximately $12.0 million from the sale of these non-core assets.

“We look forward to continuing to work with Volatus management and providing the assistance required to maximise the value of the Project and the Consideration Shares.”

Focus on materials technology business

Archer shares recently surged on a technological breakthrough with the building of quantum devices required for initial qubit control measurements.

This work is part of a significant phase in Archer’s technology development related to the operation of the 12CQ® room-temperature quantum computing qubit processor.

Archer and the company’s collaborators have rapidly developed qubit control devices ‘end-to-end’ using in-house expertise and local world-class facilities.

Quick facts: Archer Materials Ltd

Price: 0.52 AUD

ASX:AXE
Market: ASX
Market Cap: $116.66 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Archer Materials Ltd named herein, including the promotion by the Company of Archer Materials Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Archer Material adds to graphene-based biosensor technology by producing it...

Archer Materials (ASX: AXE) CEO Dr Mohammad Choucair joined Steve Darling from Proactive with news the company has hit another milestone by using 3D technology to build proof-of-concept cartridge components for Archer’s biosensor devices. Mohammad talks about why this step is so important as...

2 weeks, 5 days ago

2 min read