25th Oct 2024 10:53
Tribe Technology PLC - Belfast-based manufacturer of autonomous mining equipment - Calls general meeting for November 13 to seek shareholder approval to issue new shares. Tribe says it is exploring sources of new funding to cover extra costs for developing its autonomous reverse circulation drill rig, recently delivered for testing in Australia. The funding could be a mix of debt and equity. Tribe says it doesn't have an immediate plan for an equity raise. "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 issue new shares, Tribe says. The TTDS GC 700 drill rig is expected to be sent to the Australian customer's mine site in the second quarter of 2025 after the completion of "further significant software development and systems integration work".
Current stock price: 3.30 pence
12-month change: down 66%
By Tom Waite, Alliance News editor
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