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Archer Materials shareholders give green light for sale of mineral exploration business to iTech

Completion of the transaction is subject to iTech completing its IPO and being admitted to the official list of ASX.

Archer Materials Ltd - Archer Materials shareholders give green light for sale of mineral exploration business to iTech

Archer Materials Ltd (ASX:AXE, OTC:ARRXF) shareholders approved the sale of the company’s mineral exploration business to iTech Minerals Ltd during a general meeting yesterday.

The final remaining condition for completion of the transaction is iTech completing its IPO and being admitted to the official list of ASX. 

iTech intends to open the iTech IPO tomorrow and plans to list on the ASX by October 25, 2021.

Under the sale agreement, Archer has agreed to sell its mineral exploration business to iTech, in return for 50 million iTech shares, which Archer intends to distribute to Archer shareholders.

Materials technology focus

This will enable Archer to fully focus on its materials technology strategy.

The company is developing and commercialising advanced semiconductor devices, including chips relevant to quantum computing and medical diagnostics.

Priority offer for shareholders

Archer has today lodged an Appendix 3A.5 which sets a record date of October 11, 2021, for the in-specie distribution of iTech shares.

Only those investors registered as a holder of Archer shares on the record date are entitled to receive iTech shares under the in-specie distribution.

The number of iTech shares to be received by each eligible shareholder will be determined by the number of Archer shares on issue and the number of eligible shareholders at the record date.

Importantly, the iTech IPO includes a priority offer for Archer shareholders with further information about the priority offer to be provided to shareholders when the IPO opens.

- Ephrems Joseph

Quick facts: Archer Materials Ltd

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