REG - Tribe Technology PLC - Fundraise update

Tribe TechnologyAnnouncement

28/06/2024 17:15

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RNS Number : 4453U  Tribe Technology PLC  28 June 2024

28 June 2024

Tribe Technology PLC

 

 ("Tribe Tech", the "Company" or the "Group")

 

Fundraise update

 

Tribe Technology PLC (AIM: TRYB), a disruptive technology-first developer and
manufacturer of world-class autonomous mining equipment, provides the
following update in relation to the Company's Fundraise as announced on 26
June 2024.

 

Following completion of the Fundraise, and admission to trading on AIM of the
18,162,412 new Ordinary Shares on 27 June 2024, the Company is pleased to
announce that it has subsequently, received demand from an additional investor
to subscribe for 1,426,993 new Ordinary Shares on the same terms as that of
the Fundraise announced on 26 June 2024. This represents approximately an
additional £64k (before expenses) for the Company.

 

In line with the terms of the Fundraise, 713,496 Warrants will be issued to
the additional investor with each Warrant entitling the holder to acquire one
new Ordinary Share at the Exercise Price. As a result, taking into account the
7,647,572 Warrants issued as part of the Equity Fundraise and the 713,496
Warrants issued today, the Company will have issued in aggregate 8,361,068
Warrants to subscribe for up to 8,361,068 new Ordinary Shares at the Exercise
Price.

 

The 1,426,993 new Ordinary Shares and the additional 713,496 Warrants will be
issued under the Company's existing authority to allot new Ordinary Shares or
grant rights to subscribe for or convert any security into shares on a
non-pre-emptive basis, as approved at the Company's annual general meeting
held on 26 March 2024.

 

Beach Point Capital Facility update

 

The Company has agreed with BPC that the BPC Warrants will be based on the
Company's fully diluted share capital taking into account the 1,426,993 new
Ordinary Shares and the additional 713,496 Warrants.

 

Admission to AIM

 

Application has been made to the London Stock Exchange plc for the 1,426,993
new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is
currently anticipated that Admission will become effective and that dealings
in the new Ordinary Shares will commence on AIM at 8.00 a.m. on or around 4
July 2024.

 

Total voting rights

 

Following Admission, the Company's issued ordinary share capital will comprise
241,537,176 Ordinary Shares with one voting right each. The Company does not
hold any Ordinary Shares in treasury. Accordingly, with effect from Admission,
the above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.

 

Unless otherwise defined herein, the capitalised defined terms used in this
announcement have the same meaning as those used in the Company's announcement
on 26 June 2024.

 

-END-

For further information, please visit www.tribetechgroup.com
(http://www.tribetechgroup.com/)  or contact:

 

 Tribe Technology PLC                                                  via Tavistock
 Charlie King, Chief Executive Officer

 Allenby Capital Limited (Nominated Adviser and Broker)                +44 20 3328 5656
 John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance)  info@allenbycapital.com

 Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking)

 Tavistock (Financial PR)                                              +44 20 7920 3150
  Rebecca Hislaire / Saskia Sizen                                      tribetech@tavistock.co.uk

 

About Tribe Tech

 

Established in 2019, Tribe Tech is an AIM listed company founded to create a
safer, more efficient work environment through the development of fully
autonomous RC Drill Rigs and sampling solutions for the mining industry.

 

Based in Northern Ireland and Western Australia, 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").

 

In March 2024, the Company completed the build of the world's first autonomous
RC Drill Rig following orders from Tier 1 mining companies and 150,000
development hours.

 

Tribe Tech's market-leading technology will help to revolutionise the mining
industry, enabling digitisation and intelligent insight through Artificial
Intelligence (AI), dramatically improving safety outcomes and streamlining
operations.

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