TeraWulf – an environmental, social and governance-focused bitcoin mining firm – raised $200 million in debt and fairness financing from institutional and particular person buyers, the corporate announced Thursday.
- “TeraWulf’s capability to boost personal capital underscores the attractiveness of bringing a brand new paradigm for cryptocurrency mining to the general public markets,” mentioned Paul Prager, Chairman and Chief Executive Officer of the corporate in a press release.
- The miner, which expects to mine bitcoin powered by nuclear, hydro and photo voltaic power, will use the funding to attain mining energy of 6 exahash per second by the second half of 2022.
- The financing consists of about $123.5 million in a three-year, senior secured time period mortgage and subscription agreements with buyers to buy newly issued shares of the corporate’s frequent inventory for about $76.5 million.
- Investment financial institution Moelis acted as an unique placement agent for TeraWulf’s debt and fairness financing.
- TeraWulf mentioned on June 25 that it’s going to merge with Nasdaq-listed Ikonics (IKNX) to go public and commerce underneath the image “WULF.” The miner mentioned on Thursday that the deal is predicted to be accomplished in the course of the week of Dec. 13.