Tribe Technology to float on AIM

In connection with its proposed admission, the company intends to raise gross proceeds of approximately £4.5 million from a placing and subscription of 45 million ordinary shares of £0.0005 each in the share capital of the company at 10 pence per new Ordinary Share involving institutional and other investors. The net proceeds from the fundraise are intended to be utilised for the following purposes:

• Working Capital – £3.7 million to fulfil the existing order book and increase the group’s level of inventory.
• Research & Development – £0.2 million to pursue the group’s product and technology road map.
• Operational/Sales expansion – £0.6 million focusing on expanding engineering, sales, and support staff.

In addition, the board of directors of the company has announced a retail offer via BookBuild of up to 4 million new Ordinary Shares at an issue price of 10 pence per new Ordinary Share. The net proceeds of the Retail Offer are anticipated to be deployed in the same manner as the fundraise outlined above.

Allenby Capital Ltd is acting as Nominated Adviser and Sole Broker to the Group in relation to the Fundraising and Admission.

Charlie King, Chief Executive Officer of Tribe Tech, comments:

“Our technology provides a solution to the RC drill rig market at a time when efficiency and safety are as important as the need to bring much larger amounts of commodities into a rapidly changing world. We are working towards completing our first autonomously operated drill rig later this year.

“We believe now is the right time to bring our story to the public market and that London, with its international investor base, and a strong knowledge of the mining industry is the right place to start this journey, especially given our production facilities in Northern Ireland. Admission to AIM will also give us additional visibility and transparency, as well as the resources we need to fund our growth and technology and business development.”

Read the article online at: https://www.globalminingreview.com/finance-business/18082023/tribe-technology-to-float-on-aim/