Tribe Technology PLC (AIM:TRYB) told investors it has entered into a £3 million loan facility with Beach Point Capital, with the funds to be used to refinance the company's legacy debt arrangements.
Previously, the company had been funded through a mix of equity, debt, grants, prepaid revenue on orders and subcontract manufacturing work, all of which amounted to around £9.9 million, the company highlighted in a statement.
More recently, the company floated in London raising £4.6 million and it has a £10.5 million commercial order for its first-generation reverse circulation drill rig, incorporating the Tribe Technology Drilling System (TTDS).
Now, as a public company, Tribe said it has negotiated a facility on terms that are more favourable than what would otherwise be available if it were still a private company.
“We are pleased to announce the entry into the facility which further strengthens the group's financial position at a time where the group is at an important phase in the production of its first drill rigs and sample systems,” chief executive Charlie King said.
"The focus now remains on completing construction of our very first drill rig before the year end and converting our strong pipeline of interest into further sales of Tribe Tech's revolutionary autonomous drill rigs."