Northern Ireland AI mining firm plans to delist from AIM and re-register as a private company
Tribe Technology plans to delist as it looks to secure vital funding
Northern Ireland artificial intelligence mining business Tribe Technology has announced plans to delist from AIM and to re-register as a private company.
The company, which floated in 2023, is in the process of securing vital funding and said delisting would help it reduce all further non-essential costs.
Established in 2019, the Belfast firm 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 Northern Ireland and Western Australia-based business has been exploring potential sources of additional funding which might involve securing a combination of equity and debt funding.
In an update Tribe said it remains in advanced discussions with potential providers of additional funding, including certain shareholders who remain supportive, to enable the company to progress its critical path priorities which focus on the execution of the technical proof points for the first autonomous drill tig and sample system product platform.
A non-binding term sheet from Beach Point Capital for a term loan facility of up to £2.5m has been received, while Tribe is also in advanced discussions with certain institutional investors, including shareholders, to raise additional funding of up to £500,000 through the issue of convertible loan notes.
The Tribe board was said to considers the proposed funding arrangement to be the only current viable funding route available to the company to progress its critical path priorities and ultimately complete the first drill rig.