Syrah’s largest shareholder and the country’s top pension fund AustralianSuper have agreed to the conversion of a 5-year unsecured convertible note issued in June 2019 and December 2023 into fresh shares in the miner, it said in a statement.

AustralianSuper had committed to subscribing for all shares under the placement and taking up its full pro-rata entitlement in the institutional entitlement offer, the company said.

The placement would be at a fixed price of A$0.55 per new share, which represented a discount of 19.1% to stock’s last closing price on March 12.

The company said it had agreed with AustralianSuper to the conversion of series 1 and 3 notes into new shares at a revised conversion price of A$0.6688 per share.

The company added that AustralianSuper’s shareholding would increase to no more than 31.9% post the completion of funding round, from around 17.8% earlier.

Around 178.2 million new shares would be issued under the placement and entitlement offer, Syrah said.