DMH Stallard LLP has advised Allenby Capital Limited (Allenby) on its role as Nominated Adviser and Broker to Tribe Technology PLC (Tribe) in a £1.14m fundraising. Tribe is a disruptive technology-first developer and manufacturer of world-class autonomous mining equipment listed on the AIM market operated by the London Stock Exchange. Tribe announced on 26 June 2024 that it had conditionally raised, in aggregate, gross proceeds of approximately £1.41 million through a placing by Allenby of 14,216,652 new ordinary shares to new and existing institutional investors at an issue price of 4.50 pence per share to raise approximately £0.64 million, a subscription of 3,945,760 new ordinary shares at the same issue price to raise approximately £0.17 million and the issue of unsecured convertible loan notes to raise approximately £0.6 million. The transaction also involved the issue of 7,647,572 warrants, exercisable for ordinary shares on a one for one basis, to certain places and subscribers.
The fundraising completed on the admission of the placing shares and subscription shares to trading on the AIM market on 27 June 2024.
The DMH Stallard team was led by Nick Williams and included Giedre Doig and Amber Monaghan.
