Mill City Ventures III, Ltd. has announced a private placement aimed at implementing a Sui treasury strategy amounting to $450 million, expected to close by July 31, 2025.
Details of the Private Placement
Mill City Ventures III, Ltd. has entered into securities purchase agreements for a private placement to sell 83,025,830 shares at a price of $5.42 per share. The total expected gross proceeds are approximately $450 million.
New Treasury Strategy
Approximately 98% of the net proceeds from the private placement will be used to acquire the cryptocurrency SUI, which will serve as the company's primary reserve asset, while the remaining 2% will fund short-term lending operations.
Leadership Changes
Following the closing of the private placement, two new members will join the company's board of directors: Marius Barnett will serve as Chairman, and Stephen Mackintosh will take on the role of Chief Investment Officer. These appointments are aimed at supporting the new Sui treasury strategy.
Mill City Ventures III, Ltd. is entering a new phase of development with the initiation of the Sui treasury strategy, demonstrating its commitment to innovation in the digital asset sphere.
