Business
TeraWulf Announces Recent Financings and Near-Term Ramp of Digital Asset Infrastructure
Capital Supports Progress Towards Achieving Goal of 210 MW of Infrastructure by YE 2022 Company to Host Previously Scheduled Business Update Call at 5:00 PM
About this update from Terawulf Inc.
[{"type":"text","content":"Capital Supports Progress Towards Achieving Goal of 210 MW of Infrastructure by YE 2022 \nCompany to Host Previously Scheduled Business Update Call at 5:00 PM E.T. Today\nEASTON, Md., June 13, 2022 /PRNewswire/ -- TeraWulf Inc. (Nasdaq: WULF) (\"TeraWulf\" or the \"Company\"), which owns and operates fully integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today announced recent financing actions that are expected to support the Company's significant ramp of mining operations in the second half of 2022.\nThe Company commenced initial mining operations at its Lake Mariner facility in New York in March by leveraging existing space at the now decommissioned coal fired plant. TeraWulf is now in the final stages of completing its first dedicated mining building on site, which will house approximately 50 MW of capacity and is expected to begin hashing in early Q3. The Company is targeting completion of its second building at the site, adding another 50 MW of mining capacity in the fourth quarter, and expects to exit 2022 with approximately 110 MW of total mining capacity at Lake Mariner.\nThe Nautilus Cryptomine facility, a partnership between TeraWulf and Talen Energy Corporation, has also made significant construction progress and remains on target to begin mining in the third quarter. The Company expects to exit 2022 with 100 MW of net mining capacity at Nautilus, which represents TeraWulf's 50% share of the joint venture. Together with its Lake Mariner Facility, TeraWulf expects to successfully complete 210 MW of digital asset infrastructure by year-end 2022.\nRecent Capital Raising Activity and Outlook\nThe Company recently announced that it has secured a Standby Equity Purchase Agreement (\"SEPA\") with Yorkville Advisors Global, LP to sell up to $50 million of the Company's common stock in the Company's sole discretion at any time during the 36-month term of the agreement. In connection with the SEPA, the Company received a pre-advance loan of $15 million from Yorkville in the form of a convertible promissory note.\nIn addition, the Company announced today that it has reached an agreement in principle with its existing lenders for an incremental add-on facility of up to $50 million with an initial draw of $15 million at closing, which is subject to final documentation and various closing...