Update on investment in Tribe Technology Group

Vela Technologies PLC

05 September 2023

 

5 September 2023

Vela Technologies plc

("Vela" or "the Company")

Update on 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, notes the admission to AIM and first day of dealings announcement made today by Tribe Technology PLC ("Tribe Tech").

As announced on 23 May 2023, Vela invested £250,000 in Tribe Technology Group Limited, a subsidiary of Tribe Tech, via a subscription to an advance subscription agreement ("ASA") as part of a pre-IPO funding round. Pursuant to the ASA, Vela has been issued new ordinary shares in Tribe Tech at a price of 8 pence per share which is 80 per cent. of the issue price at which shares have been subscribed for in Tribe Tech's IPO.

Following Tribe Tech's admission to trading on AIM earlier today, Vela is interested in 3,125,000 ordinary shares in Tribe Tech representing 1.41 per cent. of the issued share capital.

An extract from the announcement issued by Tribe Tech is set out below. The full announcement can be found here: https://www.londonstockexchange.com/news-article/TRYB/admission-to-aim-and-first-day-of-dealings/16110227

For further information, please contact:

Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser)	Tel: [phone]
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker)	Tel: [phone]
Lucy Williams / Duncan Vasey
Novus Communications (PR and IR Adviser)	Tel: [phone]
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.

About Tribe Tech

Established in 2019, Tribe Technology 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 Group's core activities are the development, in-house manufacturing, and sale of its autonomous RC Drill Rigs incorporating its core proprietary intellectual property, the Tribe Technology Drilling System (TTDS).

 

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