Published: August 18th, 2023 at 3:30 am ET

by Joe Hoppe

Tribe Technology plans to raise around £4.9 million ($6.2 million) with the float expected to float on London’s AIM and start trading in early September.

The developer and manufacturer of autonomous mining equipment said on Friday it intends to raise GBP4.5 million in proceeds from a placement and subscription of 45 million general…

by Joe Hoppe

Tribe Technology plans to raise around £4.9 million ($6.2 million) with the float expected to float on London’s AIM and start trading in early September.

The developer and maker of autonomous mining equipment said on Friday it intended to raise proceeds of GBP4.5 million from the sale and subscription of 45 million ordinary shares at 10 pence per share, involving institutional and other investors.

The company will conduct a retail offering to raise an additional GBP400,000 by issuing 4 million ordinary shares at par. This offer is expected to close on August 25.

The net proceeds will be used for working capital, including fueling its existing order book and increasing its inventory levels, research and development, and operational and sales expansion. It added that Tribe already has confirmed orders worth over GBP10.5 million for its first generation reverse circulation drill rigs.

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.

Write to Joe Hoppe at joseph.hoppe@wsj.com


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