Tribe Technology develops autonomous drilling rigs and initial sales activity is focused on tier one mining companies. This technology removes the need for employees at the rig which improves health and safety.
This is an early-stage company with minimal revenues and making losses, but management says that there are orders worth more than £10.5m. Prior to the flotation, an agreement with Anglo American was announced for the deployment of a TTDS GC 700 RC drill rig. A deposit of £1.2m has been received.
Most of the money raised will go towards working capital to enable the orders to be fulfille...
