Syrah Resources (ASX:SYR) plans to raise around AU$104 million through a fully underwritten one-for-1.32 pro rata accelerated non-renounceable entitlement offer at a fixed price of AU$0.105 per share, according to a Thursday Australian bourse filing.

Around 994 million new shares will be issued under the equity raising. AustralianSuper, Syrah's largest shareholder, with a stake of around 34% in the firm, committed to take up its full entitlement under the institutional entitlement offer of around AU$35 million and sub-underwrite the institutional entitlement offer up to AU$69 million.

On completion of the raising, AustralianSuper's stake in Syrah will be between 34% and 63%, depending on the final take-up.

It also received nonbinding strategic funding proposals from the US International Development Finance Corporation, the US Department of Energy, and AustralianSuper. The proposals envision a debt-for-equity swap; under $31 million of the existing International Development Finance loan would be converted to 425 million new Syrah fully paid ordinary shares, based on a price of AU$0.105 per share, in two tranches.

The proposals also envision the conversion of a substantial portion of Syrah's existing remaining debt, and all of its existing convertible loans would be exchanged for new primary convertible loan notes issued by the firm. International Development Finance may be issued up to $30 million convertible loan notes, and AustralianSuper may be issued up to $38 million convertible loan notes.

The proposals are subject to the agreement of binding documentation, approvals from the government of Mozambique, other government and regulatory approvals, as well as Syrah shareholder approval.