Notice of GM and Appointment of Joint Broker
25 October 2024
Tribe Technology PLC
("Tribe Tech", the "Company" or the "Group")
Posting of notice of General Meeting
and
Appointment of Joint Broker
Tribe Technology PLC (AIM: TRYB), a disruptive technology-first developer and manufacturer of world-class autonomous mining equipment, announces that it will today post a notice to convene a General Meeting of the Company to be held on 13 November 2024 at 12:00 p.m. (the "Notice of GM"). A copy of the Notice of GM will be available on the Company's website later today at https://tribetechgroup.com.
The Company is also pleased to announce the appointment of SP Angel Corporate Finance LLP as Joint Broker with immediate effect.
Allenby Capital remains as the Company's Nominated Adviser and Joint Broker.
Background to and reasons for the General Meeting
On 1 October 2024, the Company announced, amongst other matters, that it has conducted a review of the entire autonomous reverse circulation ("RC") TTDS GC 700 drill rig (the "Drill Rig") following its arrival at Australian Automation & Robotics Precinct ("AARP") in Australia. This testing concluded that further significant software development and systems integration work is required for the Drill Rig's operation to meet the required specifications prior to dispatch of the Drill Rig to the customer's mine site (expected in the second quarter of 2025).
It was further announced that in order to expedite the completion of the necessary additional software updates, field commissioning, and in turn the completion of the Drill Rig, the Company now expects to engage further specialist technical resources which will result in the need for additional resources and will increase the costs associated with the completion of the Drill Rig system.
Accordingly, to partially mitigate against the new working capital requirements, the Company announced a cost saving exercise to reduce circa 20% of its fixed costs in the fourth quarter of 2024. These actions are anticipated to enable the Company to conserve costs for use towards its critical path priorities as it is focused on the execution of the technical proof points for the first Drill Rig and sample system product platform. It was further announced that the Board is pursuing additional funding for its nearer term working capital requirements.
The Board continues to explore sources of additional funding for the Company's nearer term working capital requirements. This may involve securing a combination of equity and debt funding, and may involve issuing warrants. However, in order to secure any such funding on terms favourable to the Company, and in the interest of time as well as flexibility, the Board believes that it is in the best interests of the shareholders of the Company as a whole to pre-emptively obtain the requisite authorities to, inter alia, allot new ordinary shares of £0.0005 each in the capital of the Company ("Ordinary Shares") or grant rights to subscribe for or convert any securities into new Ordinary Shares.
For further information, please visit www.tribetechgroup.com or contact:
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Tribe Technology PLC |
via Tavistock |
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Charlie King, Chief Executive Officer |
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Allenby Capital Limited (Nominated Adviser and Joint Broker) |
+44 20 3328 5656 |
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John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance) Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking) |
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SP Angel Corporate Finance LLP (Joint Broker) |
+44 (0) 20 3470 0470 |
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Richard Morrison / Charlie Bouverat (Corporate Finance) Grant Barker (Sales & Corporate Broking) |
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Tavistock (Financial PR) |
+44 20 7920 3150 |
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Rebecca Hislaire / Saskia Sizen |
About Tribe Tech
Established in 2019, Tribe Tech is an AIM listed company founded to create a safer, more efficient work environment through the development of fully autonomous RC Drill Rigs and sampling solutions for the mining industry.
Based in Northern Ireland and Western Australia, the Group's core activities are the development, in-house manufacturing, and sale of its autonomous RC Drill Rigs incorporating its core proprietary intellectual property, the Tribe Technology Drilling System ("TTDS").
In March 2024, the Company completed the build of the world's first autonomous RC Drill Rig following orders from Tier 1 mining companies and 150,000 development hours.
Tribe Tech's market-leading technology will help to revolutionise the mining industry, enabling digitisation and intelligent insight through Artificial Intelligence (AI), dramatically improving safety outcomes and streamlining operations.
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