Mill City Ventures Makes $1.2 Million Short-Term Loan
Mill City Ventures III, Ltd. (NASDAQ:MCVT) has secured a $1.2 million loan through a short-term promissory note with a maturity of 120 days.
Rhea-AI Summary
Mill City Ventures III, Ltd. (NASDAQ:MCVT) has secured a $1.2 million loan through a short-term promissory note with a maturity of 120 days. This financing is anticipated to yield an impressive 33.6% annualized return. The loan is collateralized by the borrower's finance business assets. CEO Douglas M. Polinsky remarked on the company's positive relationship with the borrower, which has previously benefited from Mill City’s lending solutions. Mill City, established in 2007, specializes in short-term non-bank lending and finance solutions, with more details available at their website.
Positive
- Successfully completed financing of a $1.2 million loan.
- Expected annualized return of 33.6%.
- Loan secured by borrower's finance business assets.
- Positive longstanding relationship with the borrower.
Negative
- None.
Details
News Market Reaction – MCVT
In the trading session that priced this news, MCVT declined 8.42%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MINNEAPOLIS, MN / ACCESSWIRE / March 10, 2023 / Mill City Ventures III, Ltd. ("Mill City" or the "Company") (NASDAQ:MCVT) announced today it has completed the financing of a
Mill City Chief Executive Officer, Douglas M. Polinsky, said, "This latest loan was made to another longtime customer of Mill City's with a robust finance related business. We've worked with this customer a number of times in the past and we're very happy with the structure of this lending solution. We believe it will generate favorable terms for Mill City and meets the short-term needs of our customer."
About Mill City
Founded in 2007, Mill City is a short-term non-bank lending and specialty finance company. Additional information can be found at www.sec.gov.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should carefully read the risk factors set forth in the Company's prospectus contained within the Form S-1 filed with the SEC on April 26, 2022, as amended, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this press release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release, other than as required by law.
Contact:
Joseph A. Geraci, CFO
952-479-1920
Investor Contact:
TraDigital IR
John McNamara
917-658-2602
john@tradigitalir.com
SOURCE: Mill City Ventures III Ltd.
View source version on accesswire.com:
https://www.accesswire.com/743047/Mill-City-Ventures-Makes-12-Million-Short-Term-Loan
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.