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TeraWulf Inc. Raises Approximately $200 Million to Strengthen Capital Structure in Advance of Public Listing

TeraWulf Inc. Raises Approximately $200 Million to Strengthen Capital Structure in Advance of Public Listing
Expects to Deploy Capital to Achieve 6 exahash per second of Mining Capacity by Second Half of 2022

TeraWulf Inc. (“TeraWulf”), which was formed to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States, announced that it has raised approximately $200 million in debt and equity financing from a group of leading institutional and individual investors. TeraWulf noted that the additional capital raised is expected to enable it to achieve 6 exahash per second, or 200 megawatts, of mining capacity by the second half of 2022.

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As part of the debt and equity financing, TeraWulf entered into an approximately $123.5 million three-year senior secured term loan and issued to the lenders newly issued shares of TeraWulf’s common stock. In addition, TeraWulf entered into subscription agreements with investors to purchase newly issued shares of TeraWulf’s common stock in private placement transactions for an aggregate purchase price of approximately $76.5 million. The issuance of these newly issued shares was made pursuant to an exemption from the registration requirements of the Securities Act.

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“TeraWulf’s ability to raise private capital underscores the attractiveness of bringing a new paradigm for cryptocurrency mining to the public markets,” said Paul Prager, Chairman and Chief Executive Officer of TeraWulf. “Due to our seasoned team’s energy infrastructure expertise, we expect to be able to quickly deploy capital as we build a mining operation bigger than any other currently public bitcoin mining company and maintain attractive bitcoin mining economics. We look forward to building on our core ESG focus and pursuing our goal of producing bitcoin powered by 100% zero-carbon energy.”

Mr. Prager continued, “We believe our flexible covenant structure is unique in the bitcoin mining industry, allowing us to operate and scale the business free of restrictions while concentrating on executing our plan. In addition, the $76.5 million of common equity raised in conjunction with the debt demonstrates investor confidence in our team, TeraWulf’s strategic positioning and the growth opportunities ahead of us.”

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