Hyro to raise capital to pay off $2.3m tax bill

Digital marketing Hyro has announced a rights issue to enable the firm to raise capital to pay off a tax bill.

The company hopes to raise almost $4m, $2.26m of which will be used to pay off its debt to the Australian Tax Office.

The debt has built up as a result of Hyro, and its subsidiaries Fluoro and One Planet, going into voluntary administration in December last year.

According to a company statement posted on the Australian Security Exchange website, the rights issue aims to:

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