Last checked at 5 Sep 2023 07:00
5 September 2023
Tribe Technology PLC
("Tribe Tech", the "Company" or the "Group")
Admission to AIM and First Day of Dealings
Tribe Technology PLC, a disruptive developer and manufacturer of autonomous mining equipment, is pleased to announce that admission of its ordinary shares to trading on the AIM market of the London Stock Exchange will occur, and dealings in its ordinary shares will commence, at 8.00 a.m. today, Tuesday 5 September 2023 ("Admission"). Dealings in the shares will commence under the ticker "TRYB". The ISIN number is GB00BMY63X13 and the SEDOL is BMY63X1.
Admission highlights
· Market capitalisation of approximately £22.2 million on admission
· Successful fundraise of approximately £4.6 million (before expenses) at an issue price of 10 pence per ordinary share of 0.05 pence each in the share capital of the Company ("Ordinary Share")
· Comprises of a placing and subscription of approximately £4.5 million and a retail subscription of approximately £0.1 million (together the "Fundraise")
The net proceeds of the Fundraise receivable by the Company will be used towards (i) fulfilling the existing order book and increase the Group's level of inventory, (ii) pursuing the Group's product and technology road map, and (iii) expanding engineering, sales, and support staff.
The Company is being advised by Allenby Capital Limited ("Allenby Capital"), who are acting as Nominated Adviser and Sole Broker.
Charlie King, Chief Executive Officer of Tribe Tech, commented:
"We are delighted to announce our admission to trading on AIM today. We believe that AIM is a natural fit for Tribe Tech, with its international investor base and proven track record for helping technology companies achieve their growth ambitions.
"Our technology is the solution to the reverse circulation (RC) drill rig market for improving efficiency and safety in the rapidly changing world. Today marks an important milestone for Tribe Tech. We are excited to be working towards the completion of our first autonomously operated drill rig later this year."
Background to the Group
Tribe Tech is a disruptive developer and manufacturer of autonomous mining equipment designed to improve productivity, reduce costs, and improves safety across the global industry. With the smart market mining size as a whole expected to reach US$23.05 billion by 2028, Tribe Tech is well positioned to be the leader in automotive drill rigs.
To date, reverse circulation ("RC") drilling has been characterised by a lack of automation due to the complexities of the systems required and the harsh conditions in which these machines operate. The Company's RC drill rigs are being developed to remove operators from the dangers that are involved in traditional RC drill rigs. The board of directors of the Company (the "Board") believe that time is a barrier to entry and has already invested extensive engineering hours in the development of the Tribe Tech Drill Rigs.
The Group has leveraged strong working relationships with key players globally and in Western Australia's Pilbara iron ore region to build market traction in its target customer base, ranging from contract drilling service companies to global mining operators and producers. The Company has secured firm orders in excess of £10.5 million, creating a strong commercial pipeline. Beyond its RC drill rigs, the Company is confident that it has the potential for a robust sales pipeline in relation to its sample system products, which can be sold on a stand-alone basis.
The Company's Admission Document is available to view on its website at www.tribetechgroup.com.
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For further information, please visit www.tribetechgroup.com or contact:
Tribe Technology PLC | via Tavistock |
Charlie King, Chief Executive Officer Eric Hampel, Chief Financial Officer |
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Allenby Capital Limited (Nominated Adviser and Broker) | +44 20 3328 5656 |
John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance) Tony Quirke / Amrit Nahal / Joscelin Pinnington (Sales & Corporate Broking) | info@allenbycapital.com |
Tavistock (Public Relations) | +44 20 7920 3150 |
Gareth Tredway / Rebecca Hislaire / Tara Vivian-Neal | tribetech@tavistock.co.uk |
About Tribe Tech
Established in 2019, the Group was founded to create a safer, more efficient work environment through the development of fully autonomous reverse circulation drill rigs in the mining industry. The Group's core activities are the development, in-house manufacturing, and sale of its autonomous RC Drill Rigs incorporating its core proprietary intellectual property, the Tribe Technology Drilling System ("TTDS").