Tribe Technology, the developer and manufacturer of autonomous mining equipment, has announced its plans to float on London's AIM (Alternative Investment Market). The company aims to raise approximately £4.9 million ($6.2 million) through the placement and subscription of 45 million ordinary shares.
- The company intends to raise £4.5 million through the placement and subscription of 45 million ordinary shares at a price of 10 pence per share.
- Institutional and other investors are expected to participate in the fundraising.
- Additionally, Tribe Technology will hold a retail offer to raise an extra £400,000 by issuing up to 4 million ordinary shares at the same price.
- The retail offer is scheduled to close on August 25th.
Utilization of Proceeds
The net proceeds from the fundraising campaign will be allocated to various areas, including:
- Working capital: The funds will be used to fulfill the existing order book and boost inventory levels.
- Research and development: Tribe Technology aims to invest in further enhancing its technological capabilities.
- Operational and sales expansion: The company plans to expand its operations and sales activities.
Impressive Order Book
Tribe Technology has already received firm orders worth over £10.5 million for its first-generation reverse circulation drill rigs. This solid demand demonstrates the market's confidence in the company's products.
Tribe Technology Group, established in late 2019 in Western Australia, is the holding company of Tribe Technology. With a headquarters and manufacturing facility now located in Northern Ireland, the company is well-positioned for growth and innovation in the autonomous mining equipment industry.