Cryptocurrency Miner TeraWulf Attracts $32M

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Cryptocurrency miner TeraWulf has recently raised $32 million through a share offering.

The press release says that $2.5 million was provided by co-founders Paul Prager and Nazar Khan.

The former has said:

“We are confident in our ability to raise the additional funds needed for debt relief.”

The company expects to achieve positive cash flow in 2023 with the funds to finance the construction of the Lake Mariner (110 MW) and Nautilus Cryptomine (50 MW) facilities and other corporate goals.

The debt restructuring until April 2024 will replace the amortization of the term loan with a free cash flow redistribution mechanism.