LONDON: Tribe Technology PLC (AIM: TRYB), a disruptive developer and manufacturer of autonomous mining equipment, has conditionally raised approximately £1.41 million through a combination of fundraising activities.

These include a Placing of 14,216,652 new ordinary shares (Placing Shares) at an issue price of 4.50 pence per share, raising approximately £0.64 million. Additionally, the company issued 3,945,760 new Ordinary Shares (Subscription Shares) at the same issue price, raising approximately £0.17 million.

Tribe Technology also raised approximately £0.6 million through unsecured convertible loan notes. Subscribers in the Placing and Subscription will receive warrants, allowing them to acquire additional Ordinary Shares at an exercise price of 5.40 pence. These fundraising activities were approved at the Company’s annual general meeting held on 26 March 2024. The funds will support Tribe Technology’s growth and development initiatives.

Allenby Capital Limited (“Allenby Capital”) is acting as sole broker in connection with the Fundraise.

Highlights

·    Significant commercial progress since the Company’s IPO in September 2024:

o  First Drill Rig will be ready for despatch for shipment to Australia by the end of July 2024;

o  First Sample System delivered to South Africa and is to be used by a drilling contractor to Anglo American Plc;

·    Equity raise of approximately £0.81 million (before expenses) at 4.50 pence per new Ordinary Share;

·    Issue of Convertible Loan Notes to raise approximately £0.6 million (before expenses);

·    Net proceeds to be used to provide near-term working capital, finalising the development and commissioning of the Company’s first Drill Rig, commercialising the Company’s Sample System product line and providing additional balance sheet strength;

·    Initiation of 30 per cent. reduction in the Company’s operational costs, which are expected to be realised from September 2024 onwards; and

·    The Issue Price represents a discount of approximately 21.7 per cent. to the closing mid-market price of an Ordinary Share on 25 June 2024.

Charlie King, Chief Executive Officer of Tribe Technology Plc, commented: “We are pleased to complete this Fundraise and to have received strong support from new and existing investors. This Fundraise will allow us to, inter alia, complete the development, commissioning and deployment of the first Drill Rig in the field and to support the commercialisation phase of the Group’s Sample Systems.”

Shane Lanigan, Portfolio Manager at Beach Point Capital, commented: “Our amended terms show our support for the team and the world class products they have developed. This is an exciting company doing exciting things and we are glad to be on the journey.”

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