Hydrix (ASX:HYD) raises $2.82m for portfolio expansion

• Engineering services company Hydrix (HYD) successfully raises $2.82 million via a share placement
• The placement was completed in two phases with more than 28 mill shares to sophisticated investors at 10 cents
• Participants will also receive one free attaching option for every one placement share subscribed for, exercisable at 18 cents on or before March 31, 2024
• Hydrix will use the money to expand its cardiac devices portfolio, expand global business development and venture in high potential early-stage medtech device clients
• Shares in Hydrix finished th eday 12 per cent in the red, falling to 11 cents

Engineering services company Hydrix (HYD) has successfully raised $2.82 million via a share placement.

The placement was completed in two phases with phase one issuing 22.28 million shares to sophisticated investors at 10 cents to raise $2.22 million.

Shares under phase one are expected to settle on March 4 and be allocated on March 7.

Phase two, which is subject to shareholder approval, will issue six million shares at 10 cents to raise the remaining $600,000.

The issue price of 10 cents represents a 20 per cent discount to Hydrix’s last closing price of 12.5 cents on February 25.

Participants will also receive one free attaching option for every one placement share subscribed for, exercisable at 18 cents on or before March 31, 2024.

These options will be issued under phase two and are also subject to shareholder approval.

Hydrix will use the money to expand its cardiac devices portfolio, expand global business development and marketing of product design, and venture in high potential early-stage medtech device clients.

“The funds from the Placement provide additional capital to ensure we can continue to accelerate our strategic growth objectives,” Executive Chairman Gavin Coote said.

“This is a particularly important juncture for the company as we pursue several
regulatory approvals to pave the way for us to commence sales and implants of the AngelMed Guardian.

“It is also important we maintain a strong balance sheet to capitalise on the reopening of global commerce as we build a stronger client services business outside Australia.”

Shares in Hydrix were down 12 per cent on the market and were trading at 11 cents by the end of the day.