- Tribe Property Technologies (TRBE) has closed its private placement for gross proceeds of $21 million
- The company issued 5,250,000 units at a price of $4.00 per unit
- Round13 Growth Fund, a growth equity investment fund subscribed for $10 million worth of units
- Tribe is a property technology company that is digitizing the traditional property management industry
- Tribe Property Technologies Inc. (TRBE) is down 1.94 per cent, trading at C$4.05 per share at 1:30 pm EST
Tribe Property Technologies (TRBE) has closed its private placement for gross proceeds of $21 million.
The company issued 5,250,000 units at a price of $4.00 per unit.
Round13 Growth Fund, a growth equity investment fund subscribed for $10 million worth of units.
The gross proceeds of this offering included the full exercise of the over-allotment option.
“We’re delighted that our private placement was oversubscribed and excited by the support we’ve received from the investment community. This financing is a clear vote of confidence in the milestones Tribe has achieved, and our roadmap for the future,” said Joseph Nakhla, Tribe CEO.
“This financing, led by Round13, enables the company to continue to execute on our acquisition pipeline, while advancing the deployment of our new products and services to the growing condo and rental market.”
“The digitization of the property management industry is long overdue, and we expect Tribe will lead a significant transformation across the industry,” said Sanjiv Samant, Managing Partner of Round13 Capital.
The offering was led by Stifel GMP as sole bookrunner and together with Cormark Securities Inc. as co-lead agents and on behalf of a syndicate of agents including Laurentian Bank Securities, Eight Capital and PI Financial Corp.
Stifel GMP acted as a financial advisor in connection with the strategic investment by Round13.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of $5.10 until January 14, 2025.
All securities issued are subject to a statutory four-month hold period expiring on May 15, 2022.
Tribe paid to the agents a cash fee of $1,197,000 and issued 299,248 compensation warrants.
Tribe is a property technology company that is digitizing the traditional property management industry.
Tribe Property Technologies Inc. (TRBE) is down 1.94 per cent, trading at C$4.05 per share at 1:30 pm EST.
