Mill City Ventures III to sell 83.026M shares at $5.42 in private placement

Mill City Ventures III (MCVT) announced that it has entered into securities purchase agreements for a private investment in public equity for the purchase and sale of 83,025,830 shares of common stock at a price of $5.42 per share for expected aggregate gross proceeds of approximately $ 450,000,000, before deducting placement agent fees and other offering expenses. Karatage Opportunities acted as the lead investor, with an equivalent investment from the Sui Foundation, an independent organization dedicated to the advancement and adoption of the Sui network. The Offering included participation by prominent firms and infrastructure providers Big Brain Holdings, Galaxy Digital (GLXY) and Jack Kong – NLABS Fund as well as investment from Pantera Capital , M2, Electric Capital, GSR, Selini, Protagonist, ParaFi Capital, Borderless, dao5, Arrington Capital, Comma3 Ventures, FalconX, Paper Ventures and Maven 11 amongst others. Galaxy Asset Management will serve as the asset manager. The closing of the offering is expected to occur on or about July 31, subject to the satisfaction of customary closing conditions. The company intends to use approximately 98% of the net proceeds from the private placement to acquire the native cryptocurrency of the Sui blockchain commonly referred to as SUI, and approximately 2% of the net proceeds from the private placement to fund the company’s short-term lending business. SUI will serve as the company’s primary treasury reserve asset. A.G.P./Alliance Global Partners is acting as the sole placement agent in connection with the offering.