MINNEAPOLIS, Minn., September 13, 2022 – Mill City Ventures III, Ltd. (“Mill City” or the “Company”) (Nasdaq: MCVT) announced today its funding of a settled insurance claim in the amount of $840,000. The related short-term note is expected to mature in 120 days with a payback of $933,334, representing an annualized return of 33.33%.
Mill City Chief Executive Officer Douglas M. Polinsky said, “We’re delighted to report we have closed on another short-term insurance settlement. As with our previous announcement in August, we believe this is further evidence that the demand for this type of funding remains robust, and the products we’re creating for this market are high quality and yield solid results for our investors subject to well-managed risks.”
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 filings with the SEC, including its annual report on Form 10-K and its registration statements on Form S-1 (as amended), as well as subsequent filings for future periods. 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.
Joseph A. Geraci, CFO