terawulf inc shares fell 29 to 73 cents after the company said it has reached a binding agreement in principle with its existing lenders on certain debt modifications subject to the equity capital raise condition the company also said it raised 32 million of equity proceeds these moves are expected to bring the company to positive free cash flow and enable a timely path to achieving its operational objectives in 2023 the company entered into a binding term sheet with its existing lenders that will among other things replace amortization of the term loan with a free cash flow sweep mechanism through april 2024 subject to terawulf raising the requisite amount of equity proceeds by march 15 the underwritten followon offering of common stock is expected to bring in proceeds of 25 million and is expected to close monday the company intends to use the proceeds to complete the buildout of the lake mariner and nautilus facilities and for general corporate purposes which may include working capital terawulf shares hit their 52week low of 55 cents on dec 21 and are down 94 in the past 12 months