Hydrix Limited announced a private placement of 28,280,000 common shares at an issue price of AUD 0.10 per share for gross proceeds of AUD 2,828,000 on February 28, 2022. The transaction will include participation from sophisticated investors. The company will raise funding in multiple tranches, including 22,280,000 shares in first tranche for AUD 2,228,000 which is expected to close on March 7, 2022 and to issue remaining 6,000,000 shares in its second tranche. The completion of second tranche is subjected to shareholders approval. The transaction is expected to close on July 3, 2022.