Mastermyne Group Ltd (ASX:MYE) is set to lift its cash balance with an institutional placement comprising circa 10% of its currently issued capital.
The ASX has granted a trading halt allowing the company time to prepare.
Mastermyne services the coal mining industry, and recently increased FY18 revenue guidance to $165-$185 million from $160-$180 million.
The halt will remain in place until the opening of trade on Thursday 21st September 2017, or earlier if an announcement is made to the market.