REG - Vela Technologies - Update on investment in Tribe Technology Group

Vela TechnologiesAnnouncement

05/09/2023 09:00

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RNS Number : 4232L  Vela Technologies PLC  05 September 2023

5 September 2023

Vela Technologies plc

("Vela" or "the Company")

 

Update on investment in Tribe Technology Group Limited

The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on
early-stage and pre-IPO disruptive technology investments, notes the admission
to AIM and first day of dealings announcement made today by Tribe Technology
PLC ("Tribe Tech").

 

As announced on 23 May 2023, Vela invested £250,000 in Tribe Technology Group
Limited, a subsidiary of Tribe Tech, via a subscription to an advance
subscription agreement ("ASA") as part of a pre-IPO funding round. Pursuant to
the ASA, Vela has been issued new ordinary shares in Tribe Tech at a price of
8 pence per share which is 80 per cent. of the issue price at which shares
have been subscribed for in Tribe Tech's IPO.

Following Tribe Tech's admission to trading on AIM earlier today, Vela is
interested in 3,125,000 ordinary shares in Tribe Tech representing 1.41 per
cent. of the issued share capital.

An extract from the announcement issued by Tribe Tech is set out below. The
full announcement can be found here:
https://www.londonstockexchange.com/news-article/TRYB/admission-to-aim-and-first-day-of-dealings/16110227
(https://www.londonstockexchange.com/news-article/TRYB/admission-to-aim-and-first-day-of-dealings/16110227)

 

For further information, please contact:

 Vela Technologies plc                        Tel: +44 (0) 7410 886830

 Brent Fitzpatrick, Non-Executive Chairman

 James Normand, Executive Director
 Allenby Capital Limited (Nominated Adviser)  Tel: +44 (0) 20 3328 5656
 Nick Athanas / Piers Shimwell
 Peterhouse Capital Limited (Broker)          Tel: +44 (0) 20 7469 0930
 Lucy Williams / Duncan Vasey
 Novus Communications (PR and IR Adviser)     Tel: +44 (0) 20 7448 9839
 Alan Green / Jacqueline Briscoe

 

About Vela Technologies

Vela Technologies plc (AIM: VELA) is an investing company focused on early
stage and pre-IPO long term disruptive technology investments.  Vela's
investee companies have either developed ways of utilising technology or are
developing technology with a view to disrupting the businesses or sector in
which they operate. Vela Technologies will also invest in already-listed
companies where valuations offer additional opportunities.

About Tribe Tech

Established in 2019, Tribe Technology 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).

 

 

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