Corporate cropper AACL has announced a $2.7 million capital raising and board reshuffle, which will see commodities trader Glencore take a more prominent role in the company.

The raising will comprise a $500,000 placement to Glencore at 5.1 cents and a $2.2 million, one-for-one rights issue at three cents a share, underwritten by Glencore.

Glencore will emerge with a 13 per cent stake in AACL as a result.

AACL said the proceeds would be used to strengthen the company's balance sheet and cash position and to assist with seasonal cash flow requirements.

As part of a board reshuffle, board member and recently retired Glencore managing director Chris Brooks will become non-executive chairman.

Peter McEwen has stepped down from the role of executive chairman, but will continue as chief executive and managing director, while Trevor Stoney will also continue as a director.

David Mattiske, the incoming managing director of Glencore, has been appointed to AACL's board as a non-executive director and AACL executive director Peter Morrison has resigned from the board.

AACL said it would continue to pursue opportunities to strengthen its board and would consider candidates to replace Mr Morrison.

AACL chief executive and managing director Peter McEwen said the placement built on the company's $150 million funding and marketing agreement with Glencore which was valid for the next three seasons, with an option for a further three-year extension.

"The placement and rights issue will bolster our balance sheet and place us in a stronger cash position, enabling us to better manage seasonal cash flows," he said.