TeraWulf restructures debt by raising financing
American BTC-miner TeraWulf has managed to get an investment of $32 million through a share offering. The initiative was preliminarily agreed upon with the creditors as part of a corresponding agreement.
Part of the amount, $2.5 million, was provided by the company's founders Paul Prager and Nazar Khan, who are also the CEO and COO. Prager said he was confident in the BTC miner's prospects.
We have absolutely no doubt that we will be able to get additional funding and reduce the amount of debt.
The investment that we have been able to raise should help BTC-Miner reach a positive balance sheet and finance the construction of two data centers, as well as realize its strategic goals.
Based on the terms of the restructuring, the amortization of credit funds will be replaced by a new mechanism for the distribution of free cash flows. The key condition was the need to raise equity capital in the prescribed amounts by March 15.
Earlier the company managed to raise $10 million in December and $17 million last fall.