Mill City finances $1.23M short term insurance settlement

Rhea-AI Summary

Mill City Ventures III, Ltd. (OTCQB: MCVT) announced a funding of an insurance claim worth $1.23M on August 17, 2021. This investment has a maturity value and is expected to mature in approximately 100 days. The company is actively working with NASDAQ to fulfill listing requirements. The press release also includes forward-looking statements highlighting potential risks such as market demand fluctuations and increasing competition in the non-bank lending sector.

Positive

• Funded a $1.23M insurance claim with maturity in 100 days.

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• Risks related to competition and demand in short-term non-bank loans.

MINNEAPOLIS, Aug. 17, 2021 /PRNewswire/ -- Mill City Ventures III, Ltd. ("Mill City" or the "Company") (OTCQB: MCVT) announced today its funding of a settled insurance claim. Mill City's portion of participation was approximately $1.23M maturity value. The investment has a maturity date approximately 100 days from purchase.

We continue to work diligently with NASDAQ to meet applicable listing requirements.

Forward-looking statements in this release are made pursuant to the "safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements, including without limitation continued demand for short-term specialty non-bank loans, the Company's ability to continue growing its investment portfolio while receiving attractive returns, increased levels of competition, new products or offerings introduced by competitors, changes in the market rates of loans, and other risks.

About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company. More information about the Company can be obtained at www.sec.gov.

 

View original content:https://www.prnewswire.com/news-releases/mill-city-finances-1-23m-short-term-insurance-settlement-301356895.html

SOURCE Mill City Ventures III, Ltd.

FAQ

What is the recent funding amount announced by Mill City Ventures?

Mill City Ventures announced funding of an insurance claim for $1.23M.

What is the maturity period for the insurance claim funded by Mill City Ventures?

The investment has a maturity period of approximately 100 days.

Which stock exchange is Mill City Ventures III listed on?

Mill City Ventures III is listed on the OTCQB under the ticker MCVT.

What are the risks mentioned in the Mill City Ventures press release?

The release mentions risks related to market demand, competition, and potential changes in loan rates.

When was the press release from Mill City Ventures issued?

The press release was issued on August 17, 2021.