Mill City Ventures III, specializing in short-term lending and specialty finance services, has announced the completion of securities acquisition agreements for private share placements to implement its strategy to acquire SUI cryptocurrency.
Overview of the Private Placement and Company Strategies
Mill City Ventures III, Ltd. announced that it has entered into securities purchase agreements to offer 83,025,830 shares at a price of $5.42 per share, with expected gross proceeds of approximately $450 million. The Company plans to use approximately 98% of the net proceeds from the placement to acquire SUI cryptocurrency and 2% to fund its short-term lending business.
Role of Karatage and New Board Members
Karatage Opportunities, based in London and specializing in digital assets, is the lead investor in the placing. Following the closing of the transaction, the two co-founders of Karatage, Marius Barnett and Stephen Mackintosh, will assume positions as Chairman of the Board and Chief Investment Officer, respectively. Their experience in digital assets and technology provides the team with crucial expertise for the new strategy's implementation.
Support from Sui Foundation and Company Strategy Future
The Company anticipates entering into an agreement with the Sui Foundation to manage its cryptocurrency reserves. As representatives of the Sui Foundation emphasized, the Sui project will provide the necessary scalability and security to support future decentralized applications and wide-ranging financial solutions. Thus, Mill City Ventures and the Sui Foundation will collaboratively advance the Sui ecosystem, offering investors a unique opportunity for involvement.
Mill City Ventures III, Ltd. aims to actively leverage the opportunities presented by the Sui ecosystem, given the expected growth of institutional investments in cryptocurrencies and artificial intelligence technologies.
