The Fastbrick Robotics Ltd (ASX: FBR) share price won't be going anywhere today after the company requested a trading halt.
According to the release, the company is in the process of finalising a placement and the trading halt is requested until an announcement is made.
Management expects to announce the completion of the capital raising before trading commences on Tuesday 4 July 2017.
With a cash balance of just short of $10 million and quarterly cash outflows expected to be $1.4 million, this capital raising will no doubt have caught many by surprise.
At present no details have been released regarding how much the company plans to raise and, importantly, at what price it intends to raise the funds at.
Shareholders will be hopeful that the raise isn't overly dilutive.
Earlier this week Motley Fool contributor Tristan Harrison named the company behind the Hadrian X bricklaying robot as one to watch.
