Vela Technologies PLC Update on investment in Tribe Technology Group (4232L)
05 Setembro 2023 - 4:50AM
UK Regulatory
TIDMVELA
RNS Number : 4232L
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 GBP250,000 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 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.
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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END
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September 05, 2023 03:50 ET (07:50 GMT)
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