Tribe Technology float on AIM
September 2023
Tribe Technology is a disruptive developer and manufacturer of autonomous mining equipment. The Group was founded in late 2019 in Western Australia and has since established a headquarters and manufacturing facility in Northern Ireland.
Initially founded to create a safer, more efficient work environment through the use of fully autonomous and safe 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, Tribe Technology Drilling System.
The company intends to strengthen its IP portfolio in order to deploy it in related applications such as truck-mounted RC drill rigs. The primary applications of RC drill rigs are in the early-stage mineral exploration, resource definition, and various aspects of mine development and production, including pit-grade control. It is anticipated that the Tribe Tech Drill Rigs will be deployed in the latter two applications and at large-scale open pit mines operated by Tier 1 and the more sophisticated Tier 2 miners.
In addition, Tribe Technology has developed automated hands-free sampling systems that can be deployed on conventional RC drill rigs, including those deployed for early-stage mineral exploration.
Admission to Trading on AIM
On 5th September 2023, admission and dealings on AIM commenced by way of a Placing, Subscription and Retail Subscription of Ordinary Shares. The gross proceeds of the fundraising, excluding the Retail Subscription Shares, was £4,500,000.
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The Perivan shareholder communications team was delighted to work with Allenby Capital, who was appointed as Nominated Adviser and Sole Broker on the successful production and publication of the 139-page admission document.
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