Tribe Technology Plc (GB:TRYB) has released an update.
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Tribe Technology PLC has successfully raised approximately £1.41 million through equity placements and the issuance of convertible loan notes to bolster working capital, accelerate the development and commercialization of their autonomous mining equipment, and strengthen their balance sheet. The funds will also support a 30% operational cost reduction set to take effect from September 2024. Notable advancements include the imminent dispatch of their first Drill Rig to Australia and the delivery of a Sample System to South Africa for use by a contractor to Anglo American Plc.
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