Hydrix Limited announced a private placement of 3,100,000 convertible notes at a price of AUD 1 per share for gros proceeds of AUD 3,100,000 on July 31, 2023. The notes carry a fixed interest rate of 10% and will mature on August 18, 2025. The notes are convertible into a maximum of 206,666,667 common shares.

The tranche 1 convertible notes are convertible into a maximum of 33,333,334 common shares, and which are not subject to shareholder approval, will occur on or before August 18, 2023. The tranche 2 convertible notes to be issued to related parties will be subject to shareholder approval.