Tribe Technology PLC has raised gross proceeds of £4.6 million by way of a placing of £4.5 million, and a retail subscription of approximately £0.1 million, giving a market capitalisation of £22.2 million on admission.
Tribe Technology PLC is a disruptive developer and manufacturer of autonomous mining equipment. The net proceeds from the fundraise are intended to be utilised for working capital, research & development and operational/sales expansion.
“Tribe Tech’s successful fundraise and listing on AIM are a major milestone on our journey to develop the world’s first autonomous RC Drill Rig. PKF were a valuable partner in the listing process, providing us with guidance and practical advice. Most importantly they were a pleasure to work with. We look forward to continuing the relationship with PKF as our auditors going forward.”