Magnis Energy Technologies (ASX:MNS) has signed an equity financing agreement with New York-based Global Corporate Finance (GCF) to support its Nachu Graphite Project in Tanzania, according to a Thursday filing with the Australian bourse.

The deal is set to provide the company with up to AU$15 million in funding, with an initial commitment of AU$10 million at a minimum subscription price of AU$0.04 per share, the filing said.

GCF will also be granted 20 million options with an exercise price of AU$0.06 per share, expiring four years from the date of the issue, the filing added.

The agreement is subject to shareholder approval, the company said.