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These 3 small cap ASX shares are on the rise on Friday

The Australian share market is on course to have a positive finish to the week and gains are being seen across the board.

Three shares at the small end of the market that have performed particularly well today are listed below. Here’s why they are on the rise:

The BOD Australia Ltd (ASX: BDA) share price has returned to trade with a bang today. The cannabis company’s shares are up 7.5% to 64.5 cents after it announced the completion of a $6.4 million strategic placement. According to the release, the placement has been led by fund manager and leading international cannabis investor, Tribeca Investment Partners. Tribeca have cornerstoned the placement with a $1.9 million commitment and will become a substantial shareholder upon settlement of the transaction. The funds have been raised at a price of 53 cents per share and will be used to drive global expansion, broaden existing channels, and progress opportunities following the successful completion of Phase I Clinical trials for its sublingual cannabis wafer.

The FBR Ltd (ASX: FBR) share price has jumped 9% to 18 cents after the robotics company announced the completion of the fully operational build of its Hadrian X construction robot. According to the release, the achievement of this milestone now signals the commencement of Factory Acceptance Testing, where the robot will commence building structures in different configurations within a controlled environment. Management advised that FBR remains on track to complete Build1, the first build of a 3-bedroom, 2-bathroom structure by the Hadrian X robot in the second half of the 2018 calendar year.

The Tawana Resources N.L. (ASX: TAW) share price has jumped a further 12% to 33.7 cents. Investors have been fighting to get hold of shares amid speculation that the lithium-focused mineral exploration company could be a takeover target of lithium giant Galaxy Resources Limited (ASX: GXY). The AFR has suggested that Galaxy is interested in turning its attention to assets close to home after the Argentine government slapped a duty on exports.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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