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London Stock Exchange welcomes Tribe Technology Plc to AIM

Posted: 05 September 2023

London Stock Exchange today welcomes Tribe Technology (“Tribe Tech” or “The Company”), (AIM: TRYB), a disruptive developer and manufacturer of autonomous mining equipment, in celebration of the Company’s admission to the Alternative Investment Market (AIM) of London Stock Exchange on 5th September 2023, raising gross proceeds of £4.59 million to advance the development of automated drilling equipment.

Established in 2019, Tribe Technology was founded to create a safer, more efficient work environment through the development of fully autonomous reverse circulation (RC) drill rigs in the mining industry. The Group’s core activities are the development, in-house manufacturing, and sale of its autonomous Tribe Tech Drill Rigs incorporating its core proprietary IP, the Tribe Technology Drilling System (TTDS).

Charlie King, founder and CEO, commented:

“We are delighted to announce our admission to trading on AIM today. We believe that AIM is a natural fit for Tribe Tech, with its international investor base and proven track record for helping technology companies achieve their growth ambitions.  “Our technology is the solution to the RC drill rig market for improving efficiency and safety in the rapidly changing world. Today marks an important milestone for both Tribe Technology and the Mining industry. We are excited to be working towards the completion of our first autonomously operated drill rig later this year.”

Quick facts

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TribeTech had a market capitalisation at Admission of £22.2 million, following a placing of 44,000,000 Ordinary Shares at an issue price of 10p per share.

The Board of Directors is headed by Caroline Bault as Non-Executive Chair, who has over 30 years’ experience in the financial services and capital markets sector. Founder and CEO, Charlie King, has extensive commercial and operational experience in the mining and exploration industry and Eric Hampel, an experienced management consultant and CPA, has taken up the role of CFO.  Chief Technology Officer, Derek Loughlin, a qualified mining engineer has over 30 years’ experience in the drilling and drilling technology industries.  Non-Executive Directors, Michael Irvine, Timothy Langmead, Preeti Mardia, all bring extensive corporate finance and plc experience to Tribe Tech, including work with OEMs and mining companies.

The company is advised by: Allenby Capital Limited as Nominated Adviser and Broker;  McCarthy Denning Limited as Solicitor; Steinepreis Pagani as legal advisers to the company under Australian Law; PKF Littlejohn LLP as Auditor; and Tavistock Communications Limited as Financial Public Relations adviser.

 

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