Vela Technologies PLC Investment in Tribe Technology Group Limited (3729A)
23 Maggio 2023 - 12:45PM
UK Regulatory
TIDMVELA
RNS Number : 3729A
Vela Technologies PLC
23 May 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (596/2014/EU) as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018.
23 May 2023
Vela Technologies plc
("Vela" or "the Company")
Investment in Tribe Technology Group Limited
The Board of Vela (AIM: VELA), an AIM-quoted investing company
focused on early-stage and pre-IPO disruptive technology
investments, announces that the Company has entered into an
agreement to invest GBP250,000 in Belfast-based Tribe Technology
Group Limited ("Tribe Tech"). The minority investment is being made
as part of a c.GBP2.0 million pre-IPO funding round undertaken by
Tribe Tech.
Further information on Tribe Tech
Founded in 2019, with operations in Northern Ireland and Western
Australia, Tribe Tech was created to disrupt the minerals
exploration drilling industry by reducing drilling costs and
removing human operators from what is a highly manual process.
Tribe Tech's technology, incorporating the Tribe Technology
Drilling System (TTDS(R)), is expected, through partnerships with
some of the industry's biggest players, to increase productivity,
reduce costs and improve safety in the global mining industry.
Tribe Tech offers a new level of autonomous Reverse Circulation
("RC") drilling at a time when the discovery of additional mineral
deposits is crucial to fuel the renewable energy transition.
Tribe Tech has developed an IP portfolio which includes a number
of trademark and patent applications, together with a registered
trademark and trade secrets (software, control system). Tribe Tech
also has strong working relationships with key players in Western
Australia's Pilbara iron ore market and has leveraged these
connections to build market traction.
In 2021 Tribe Tech received GBP1.0 million in employment grant
funding from Invest Northern Ireland to support the establishment
of its design and manufacturing facility in Mallusk, Northern
Ireland. Tribe Tech's 20,000 square feet production facility has
capacity for future growth, is close to specialist supply chains
and has access to motorway and ports.
Tribe Tech currently has a number of strategic partnerships and
a commercial pipeline that includes delivery of TTDS(R) and
autonomous RC drill rigs to market-leading drilling contractors and
major miners upgrading their fleet.
Tribe Tech is currently in the process of pursuing a listing on
a public market in London ("Admission") using a planned new holding
company ("Tribe Tech Holdco").
For the year ended 30 June 2022, Tribe Tech reported a loss
after tax of GBP1.69 million. As at 30 June 2022, Tribe Tech's net
liabilities were GBP1.22 million.
Details of the investment in Tribe Tech
Vela has agreed to invest GBP250,000 in Tribe Tech, to be
satisfied shortly from the Company's existing cash resources, via a
subscription to an advance subscription agreement ("ASA") under
which shares will be issued upon certain qualifying events,
including:
a. any issue of ordinary shares for cash by Tribe Tech after 1
March 2023 which raises GBP4.0 million or more - when shares in
Tribe Tech will be issued to Vela under the ASA at 80% of the
lowest subscription price paid in such funding round;
b. completion of the acquisition of Tribe Tech by Tribe Tech
Holdco and any issue by Tribe Tech Holdco of ordinary shares on
Admission raising GBP1.0 million or more, or any issue unrelated to
Admission raising GBP4.0 million or more - when shares in Tribe
Tech Holdco will be issued to Vela under the ASA (adjusted to take
into account the basis of acquisition of Tribe Tech) at 80% of the
lowest subscription price paid in such funding round;
c. completion of the acquisition of Tribe Tech by Tribe Tech
Holdco and confirmation that all conditions relating to Admission
have been satisfied (other than Admission) without a fundraising
meeting the thresholds in b. above - when shares in Tribe Tech
Holdco will be issued to Vela under the ASA (adjusted to take into
account the basis of acquisition of Tribe Tech) at a valuation for
Tribe Tech Holdco of GBP12 million; and
d. after nine months from the date of the ASA, whether or not
the acquisition of Tribe Tech by Tribe Tech Holdco has occurred -
when shares in Tribe Tech or Tribe Tech Holdco (as the case may be)
will be issued to Vela under the ASA (adjusted to take into account
the basis of acquisition of Tribe Tech if appropriate) at a
valuation for Tribe Tech or Tribe Tech Holdco as the case may be of
GBP10.0 million.
James Normand, Executive Director of Vela, commented : "Vela is
pleased to have the opportunity to invest in Tribe Tech. The
pioneering operating functionality of the equipment developed by
Tribe Tech is reflected in the willingness of leading mining
companies to fund the manufacture of the first models. Vela's
minority investment will help Tribe Tech establish itself as a
premier supplier to this major industry sector."
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7410 886830
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328
5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469
0930
Lucy Williams / Duncan Vasey
Novus Communications (PR and IR Adviser) Tel: +44 (0) 20 7448
9839
Alan Green / Jacqueline Briscoe
About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company
focused on early stage and pre-IPO long term disruptive technology
investments. Vela's investee companies have either developed ways
of utilising technology or are developing technology with a view to
disrupting the businesses or sector in which they operate. Vela
Technologies will also invest in already-listed companies where
valuations offer additional opportunities.
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