REG - Tribe Technology PLC - Notice of GM and Appointment of Joint Broker

Tribe TechnologyAnnouncement

25/10/2024 07:00

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RNS Number : 5660J  Tribe Technology PLC  25 October 2024

25 October 2024

Tribe Technology PLC

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

 

Posting of notice of General Meeting

and

Appointment of Joint Broker

 

Tribe Technology PLC (AIM: TRYB), a disruptive technology-first developer and
manufacturer of world-class autonomous mining equipment, announces that it
will today post a notice to convene a General Meeting of the Company to be
held on 13 November 2024 at 12:00 p.m. (the "Notice of GM"). A copy of the
Notice of GM will be available on the Company's website later today at
https://tribetechgroup.com (https://tribetechgroup.com) .

 

The Company is also pleased to announce the appointment of SP Angel Corporate
Finance LLP as Joint Broker with immediate effect.

 

Allenby Capital remains as the Company's Nominated Adviser and Joint Broker.

 

Background to and reasons for the General Meeting

 

On 1 October 2024, the Company announced, amongst other matters, that it has
conducted a review of the entire autonomous reverse circulation ("RC") TTDS GC
700 drill rig (the "Drill Rig") following its arrival at Australian Automation
& Robotics Precinct ("AARP") in Australia. This testing concluded that
further significant software development and systems integration work is
required for the Drill Rig's operation to meet the required specifications
prior to dispatch of the Drill Rig to the customer's mine site (expected in
the second quarter of 2025).

 

It was further announced that in order to expedite the completion of the
necessary additional software updates, field commissioning, and in turn the
completion of the Drill Rig, the Company now expects to engage further
specialist technical resources which will result in the need for additional
resources and will increase the costs associated with the completion of the
Drill Rig system.

 

Accordingly, to partially mitigate against the new working capital
requirements, the Company announced a cost saving exercise to reduce circa 20%
of its fixed costs in the fourth quarter of 2024. These actions are
anticipated to enable the Company to conserve costs for use towards its
critical path priorities as it is focused on the execution of the technical
proof points for the first Drill Rig and sample system product platform. It
was further announced that the Board is pursuing additional funding for its
nearer term working capital requirements.

 

The Board continues to explore sources of additional funding for the Company's
nearer term working capital requirements. This may involve securing a
combination of equity and debt funding, and may involve issuing warrants.
However, in order to secure any such funding on terms favourable to the
Company, and in the interest of time as well as flexibility, the Board
believes that it is in the best interests of the shareholders of the Company
as a whole to pre-emptively obtain the requisite authorities to, inter alia,
allot new ordinary shares of £0.0005 each in the capital of the Company
("Ordinary Shares") or grant rights to subscribe for or convert any securities
into new Ordinary Shares.

 

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 Joint Broker)          +44 20 3328 5656
 John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance)  info@allenbycapital.com (mailto:info@allenbycapital.com)

 Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking)

 SP Angel Corporate Finance LLP (Joint Broker)                         +44 (0) 20 3470 0470
 Richard Morrison / Charlie Bouverat (Corporate Finance)

 Grant Barker (Sales & Corporate Broking)

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