Prior to publication, the
information contained within this announcement was deemed by the
Company to constitute inside information as stipulated under the UK
Market Abuse Regulation. With the publication of this announcement,
this information is now considered to be in the public
domain.
19 December 2024
Tribe
Technology PLC
("Tribe
Tech", the "Company" or the "Group")
Funding
update
Proposed
cancellation from AIM and
Delay in
publication of Annual Report and Accounts
Tribe Technology PLC (AIM: TRYB), a disruptive
technology-first developer and manufacturer of world-class
autonomous mining equipment, provides the following
update.
On 1 October 2024, it was announced that the
board of directors of Tribe Tech (the "Board" or the "Directors") are pursuing additional
funding for its nearer term working capital requirements. On 25
October 2024, the Company subsequently announced, inter alia, that it continues to
explore sources of additional funding which may involve securing a
combination of equity and debt funding and as a result
pre-emptively sought to 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.
The Company remains in advanced discussions
with potential providers of additional funding,
including certain existing shareholders of the Company who remain
supportive, to enable the Company to progress its
critical path priorities as it is focused on the execution of the
technical proof points for the first autonomous
reverse circulation ("RC")
TTDS GC 700 drill rig and sample system product
platform.
In the backdrop to the funding discussions and
following an extensive review by the Board, it has now become clear
to the Board that to secure such financing on terms favourable to
the Company the most appropriate course of action is for the Board
to seek approval from the shareholders of the Company
("Shareholders") to cancel
the admission of the Company's Ordinary Shares to trading on AIM in
accordance with Rule 41 of the AIM Rules for Companies (the
"AIM Rules") (together the
"Proposed Cancellation"). A
circular convening a general meeting of the Company to approve the
Proposed Cancellation and providing further detail on the next
steps will be published in due course and a further announcement
will be made at that time.
There can be no certainty that final binding
terms to any funding arrangement will be agreed, nor as to the
timings or final terms of any such funding arrangement.
Annual Report
and Accounts
As stipulated by Rule 19 of the AIM Rules, the
Company is required to publish its audited annual report and
accounts for the year ended 30 June 2024 (the "Annual Report and Accounts") by 31
December 2024. The preparation of the Company's
Annual Report and Accounts has been
ongoing. However, because of the ongoing funding
discussions the Company will not be able to finalise
its Annual Report and Accounts ahead of the deadline of 31 December
2024, as required under Rule 19 of the AIM Rules.
As a result, trading in the Company's Ordinary
Shares on AIM will be suspended with effect from 7:30 a.m. on 2
January 2025 and will remain suspended until publication of its
audited Annual Report and Accounts.
The Company will release further announcements
as and when appropriate.
-END-
For further information, please
visit www.tribetechgroup.com or
contact:
Tribe Technology
PLC
via Tavistock
Charlie King, Chief Executive
Officer
Allenby Capital Limited (Nominated Adviser and Joint Broker)
+44 20 3328
5656
John Depasquale / Vivek Bhardwaj /
Lauren Wright (Corporate Finance)
info@allenbycapital.com
Tony Quirke / Joscelin Pinnington
(Sales & Corporate Broking)
SP
Angel Corporate Finance LLP (Joint Broker)
+44 20
3470 0470
Richard Morrison / Charlie Bouverat
(Corporate Finance)
Grant Barker (Sales and Corporate
Broking)
Tavistock (Financial PR)
+44 20 7920
3150
Rebecca Hislaire / Saskia
Sizen
tribetech@tavistock.co.uk
About Tribe Tech
Established in 2019, the Group was
founded to create a safer, more efficient work environment through
the development of fully autonomous reverse circulation drill rigs
in the mining industry. 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").
