• Archer has secured $7 million through a two-tranche Placement.
• The company enters a 3-year strategic partnership with IonQ.
• Funds will support quantum computing initiatives and general working capital.

Archer Materials Limited has completed a $7 million Placement and announced a Share Purchase Plan (SPP) to raise up to $3 million. The Placement, which includes a $0.14 million investment from Directors and Management, is subject to shareholder approval. The SPP will be offered to eligible shareholders in Australia and New Zealand at the same price of $0.27 per share. The Placement consists of two tranches: Tranche 1 to raise $6.86 million and Tranche 2 to raise $0.14 million. The funds will be used to support quantum programs, development of biochip and advanced materials technologies, and general working capital. The company has entered a strategic partnership with IonQ to develop quantum algorithms and applications.

Archer Materials aims to raise approximately $7 million through the Placement and up to $3 million through the SPP.

Archer Materials plans to use the funds to support quantum computing initiatives and general working capital, with the goal of establishing sovereign quantum computing capability in Australia.