By Joe Hoppe
Tribe Technology plans to float on London’s AIM and raise around 4.9 million pounds ($6.2 million) with trading expected to start in early September.
The developer and manufacturer of autonomous mining equipment said Friday that it intends to raise proceeds of GBP4.5 million from a placing and subscription of 45 million ordinary shares at 10 pence a share, involving institutional and other investors.
The company will hold a retail offer raising a further GBP400,000, through the issue of up to 4 million ordinary shares at the same price. The offer is expected to close on Aug. 25.
Net proceeds will be used for working capital, including fulfilling its existing order book and increasing its inventory levels, research and development and operational and sales expansion. Tribe already has firm orders in excess of GBP10.5 million for its first-generation reverse circulation drill rigs, it said.
The company was incorporated in Northern Ireland in late March, and is the holding company of Tribe Technology Group. The group was founded in late 2019 in Western Australia, and has since established a headquarters and manufacturing facility in Northern Ireland.
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