TeraWulf increases operating capacity, announces $17M of new capital

TeraWulf (NASDAQ:WULF) said Monday it increased its total operating capacity to over 1.6 EH/s at its Lake Mariner facility in New York and announced $17M of new capital.This follows the recent energization of building 1 (50 MW) at the facility. Building 2 (also 50 MW) is on track to be energized by the end of Q4, expanding WULF's expected near-term self-mining operating capacity to 3.8 EH/s.The firm continues to target reaching 5.8 EH/s of operational mining capacity in Q1 2023.WULF announced an ~$9.5M non-brokered private placement and $7.5M of incremental proceeds under its term loan.The firm entered into a securities purchase deal with existing investors for ~$9.5M of stock and warrants to acquire 7.5M additional shares.The warrants, which will have a five-year term, will be exercisable immediately upon issue, in whole or in part, at $1.93/share.WULF also drew an incremental $7.5M of available proceeds under its $50M term loan add-on facility.Net proceeds from the private placement and the incremental debt will be used for bitcoin mining infrastructure and equipment and general corporate purposes.