Latest news with #Wayzata
Yahoo
28-07-2025
- Business
- Yahoo
Mill City Ventures III, Ltd. Announces $450,000,000 Private Placement to Initiate Sui Treasury Strategy
Wayzata, United States / Minnesota, July 28th, 2025, ChainwireMill City Ventures III, Ltd. Announces $450,000,000 Private Placement to Initiate Sui Treasury Strategy Upon the closing of the Private Placement, Mill City will adopt a Sui Treasury Strategy Mill City intends to continue its short-term non-bank lending and specialty finance business Marius Barnett and Stephen Mackintosh, Co-founders of Karatage, will become Chairman of the Board of Directors of the Company and Chief Investment Officer of the Company, respectively, effective upon the closing of the Private Placement Industry-First Relationship with Sui Foundation Provides Institutional-Grade Gateway for Exposure to Only Blockchain Built for Mass Adoption Mill City Ventures III, Ltd. ("Mill City" or the 'Company') (NASDAQ:MCVT), a non-bank lender and specialty finance company, today announced that it has entered into securities purchase agreements (the 'Securities Purchase Agreements') for a private investment in public equity for the purchase and sale of 83,025,830 shares of common stock (or common stock equivalents in lieu thereof) 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 (the 'Private Placement', or the 'Offering'). Karatage Opportunities ('Karatage'), the London-based proprietary hedge fund specializing in digital assets and emerging technology investments, founded by Marius Barnett and Stephen Mackintosh, 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. As a significant early investor in the Sui ecosystem, Karatage has established itself as a strategic partner to Mysten Labs, the original contributors to Sui, with deep operational experience across the Sui network. The Offering included participation by prominent firms and infrastructure providers Big Brain Holdings, Galaxy Digital Inc (Nasdaq: GLXY) and Dr 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, 2025, 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. Upon closing of the Offering, the Company intends to appoint two new members to the Company's board of directors (the 'Board'). The new Board members provide the strong and experienced leadership the Company needs as the Company pivots to a SUI treasury strategy: Marius Barnett (Co-Founder of Karatage) will serve as the Chairman of the Board. A veteran operator and investor in digital assets, Mr. Barnett has a track record in building businesses across real estate, infrastructure and energy. Dana Wagner will serve as an independent Board Director. As a current board member at Coinbase Custody Trust Company and former general counsel at Square, Mr. Wagner has served in senior-level legal roles for category-defining firms at the cutting edge of financial technology. Stephen Mackintosh (Co-Founder and General Partner at Karatage) will serve as the Company's Chief Investment Officer. With previous experience in artificial intelligence and deep tech, Mr. Mackintosh brings extensive experience across the Sui ecosystem as he manages the SUI treasury strategy for the Company. 'We're launching at a pivotal moment when both institutional crypto and AI are reaching critical mass — creating significant opportunities across blockchain infrastructure,' said Stephen Mackintosh, the proposed Chief Investment Officer of Mill City and General Partner at Karatage. 'We believe that Sui is well positioned for mass adoption with the speed and efficiency institutions require for crypto at scale, plus the technical architecture capable of supporting AI workloads while maintaining security and decentralization.' 'Sui was built to provide the scalability, speed, and security needed to support the next generation of decentralized applications and real-world crypto use-cases for consumers and institutions alike — from stablecoins to artificial intelligence to gaming and broader finance,' added Christian Thompson, Managing Director at the Sui Foundation. Mill City intends to acquire SUI tokens on the open market, as well as via institutional-grade deal flow typically reserved for crypto funds and a negotiated purchase and sale agreement with Sui Foundation — a treasury strategy now accessible through a publicly traded structure with daily liquidity. As the sole SUI treasury with support from the Sui Foundation, Mill City and the Sui Foundation team will share information about the technology and ecosystem growth, establishing it as one of the only foundation-supported crypto treasury strategies. 'The future belongs to crypto, AI, and stablecoins — and they all need infrastructure that can handle real scale. That's Sui,' said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs. 'We believe that everything has been leading up to the right time to make Sui's founding vision a reality — and in our view, the moment is now.' The Offering is being made in reliance on an exemption from the registration requirement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and/or Regulation D promulgated thereunder, and applicable state securities laws. Accordingly, the securities offered in the Private Placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirement of the Securities Act and such applicable state securities laws. Pursuant to the terms of the Securities Purchase Agreement, the Company will file a registration statement with the Securities and Exchange Commission (the 'SEC') registering the resale of the shares of common stock sold in the Private Placement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Advisors Sullivan & Worcester LLP is acting as legal advisor to A.G.P./Alliance Global Partners. Loeb & Loeb LLP is acting as legal advisor to Mill City. Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to Karatage. O'Melveny & Myers LLP is acting as legal advisor to Sui Foundation. About Mill City Ventures III, Ltd. Founded in 2007, Mill City Ventures III, Ltd., is a specialty finance company focused on short-term lending and structured finance solutions. The company provides capital to businesses through secured loan agreements, offering investors attractive returns with a focus on security and risk mitigation. More information about the company can be obtained at or Upon closing of the Private Placement, the Company expects to adopt a SUI treasury strategy. About Karatage Opportunities Karatage is a London-based proprietary hedge fund specializing in emerging technology investments across digital assets, artificial intelligence, and gaming. Founded by Marius Barnett and Stephen Mackintosh, Karatage focuses on identifying and backing high-growth projects building next-generation technology with mass-market appeal. As a significant early investor in the Sui ecosystem, the Karatage team brings deep operational experience across the blockchain ecosystem. For more information about Karatage, please visit Upon the closing of the Private Placement, Marius Barnett and Stephen Mackintosh, Co-founders of Karatage, are expected to become Chairman of the Board and Chief Investment Officer of the Company, respectively. Forward-Looking Statement Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, statements regarding the anticipated closing of the Offering, the anticipated receipt of proceeds from the Offering, the Company's anticipated use of the proceeds from the Offering, opportunities that the Offering will create, Sui's capabilities as a blockchain and the opportunities Sui creates, the belief that the new Board members will provide strong and experienced leadership to the Company, the execution of the Company's treasury strategy, the anticipated filing of a registration statement and the Company's ability to cause it to be effective and maintain its effectiveness, and other statements that are not historical facts, including statements which may be accompanied by the words 'intends,' 'may,' 'will,' 'plans,' 'expects,' 'anticipates,' 'projects,' 'predicts,' 'estimates,' 'aims,' 'believes,' 'hopes,' 'potential' or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's satisfaction of closing conditions for the offering, fluctuations in the market price of SUI and any associated impairment charges that the Company may incur as a result of a decrease in the market price of SUI below the value at which the Company's SUI are carried on its balance sheet, changes in the accounting treatment relating to the Company's SUI holdings, the Company's ability to achieve profitable operations, government regulation of cryptocurrencies and online betting, changes in securities laws or regulations, customer acceptance of new products and services including our SUI treasury strategy, the risk that SUI is classified as a security under current or future regulatory frameworks and the risk that the Company is deemed an investment company as a result of its ownership of SUI, the demand for its products and its customers' economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company, changes in applicable laws or regulations, and its competitors, general economic conditions and other risk factors detailed in the Company's annual report and other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company does not undertake any responsibility to update the forward-looking statements in this press Financial OfficerJoseph A. GeraciMill City Ventures III, Permalink | © Copyright 2025 All rights reserved Sign in to access your portfolio
CBS News
18-06-2025
- CBS News
Minnesota man cycling through Iran gets caught amid conflict with Israel
How a cyclist from Minnesota found himself in the middle of the Israel-Iran conflict How a cyclist from Minnesota found himself in the middle of the Israel-Iran conflict How a cyclist from Minnesota found himself in the middle of the Israel-Iran conflict For one Minnesota family, the conflict between Israel and Iran is hitting incredibly close to home after their son unintentionally found himself in the middle of it all. Ian Andersen is what you can only describe as a true adventurer. A Minnesotan through and through, his parents are in Wayzata, but he himself is in the middle of a nine-month bike trek from Portugal to Japan. It's something he started in February, and just this past week, he found himself in Iran in the middle of a geopolitical conflict, potentially stranded without a place to go. He posted the update to his TikTok and social media, saying his guide informed him they were running out of options. An encounter with police could at the very least lead to a detainment. That clip has since been viewed over 1 million times. Andersen's parents say a viewer was ultimately who helped him secure a visa and passage into Azerbaijan, where he's now safely planning the next leg of his journey. "We're just so happy when people reach out to him and offer him a place to stay, or a meal, or help with fixing his bike when it's needed," dad Mark Andersen said. "It's just really lovely when people reach out and help our son. It's just kind of like, wow, he's really benefited from that." Adam Duxter will have more on Ian Andersen's journey on WCCO News at 5.
Yahoo
06-06-2025
- Business
- Yahoo
UMN: Board of Regents to vote on sale of golf course in Falcon Heights
The University of Minnesota Board of Regents is expected to vote Thursday to authorize the sale of the Les Bolstad golf course, with University officials citing financial and infrastructure needs. The approximately 141-acre public facility in Falcon Heights will remain open during the 2025 season – with scheduled activities to proceed for the remainder of the year – and close as usual in the fall, but will not reopen in the spring. 'We recognize this course holds generations of memories for our community. This decision reflects careful consideration and was made in light of today's challenging financial environment. As a public university, we have a responsibility to ensure that our land and resources are aligned with our core mission: supporting students, advancing research, and serving the state of Minnesota,' U officials said in a statement. The golf course, which opened in 1928, requires significant work and no longer meets the University's threshold for investments that advance teaching, research and service, according to the University. 'The course requires significant infrastructure upgrades to remain viable. The irrigation system is more than 50 years old and past its useful life,' according to a Board docket. 'The original clubhouse has been closed for over a decade due to safety concerns, and the operations of the course are currently housed in a temporary facility. These investments are not mission-critical and would divert resources from core academic and research priorities.' The University will obtain two independent appraisals to help guide setting a market value for the property. A final sale price will depend on market conditions, land-use potential and buyer negotiations. The John W. Mooty Golf Facility used by the University's men's and women's golf teams, as well as the Elizabeth Lyle Robbie Stadium used by the women's soccer team and the KUOM radio tower will not be included in the sale. Falcon Heights city officials said in a Friday statement that they look forward to working with the University, potential buyers and community members on the future of the property. If the site were to become available for private development, it might provide an opportunity for the city, which is fully developed, to create a new neighborhood, according to the city's 2024 Larpenteur Avenue Corridor Study. 'The Falcon Heights community has taken proactive steps to plan for the potential reuse of the property with the adoption of our Larpenteur/Snelling Corridor Study, which was approved in 2024 and included looking at potential future zoning for the site,' Friday's statement said. The sale of Hillcrest Golf Course on the Greater East Side for $10 million in 2019 to the St. Paul Port Authority has opened up 112 acres for residential and commercial development. Coon Rapids man charged in shooting at UMN after Wayzata graduation Two shot outside Mariucci Arena Friday released from hospital Two shot Friday night outside Mariucci Arena on UMN campus U of M researchers are planting 'survivor' trees in hopes of defeating Dutch elm disease UMN names Gretchen Ritter executive vice president, provost
Yahoo
01-06-2025
- General
- Yahoo
Victims stable following shooting after Wayzata graduation at Mariucci
Victims stable following shooting after Wayzata graduation at Mariucci originally appeared on Bring Me The News. Two people who were shot outside Mariucci Arena in Minneapolis following the Wayzata High School graduation ceremony are in stable condition on Saturday. The victims, men ages 49 and 19, respectively, were shot around 8:20 p.m. after the graduation ceremony had concluded at the arena, which is home to University of Minnesota hockey. The victims were taken to Hennepin County Medical Center following the shooting, and a suspect was taken into custody by University of Minnesota police. Gov. Tim Walz called the shooting "horrific," saying it was "a time of celebration that should never have turned into one of fear and sadness." University of Minnesota Regent James Farnsworth called the violence "very disturbing and scary," adding that he reached out to a Wayzata school board member who didn't believe any students were shot. Authorities have not identified the victims, nor have they ID'd the suspect or released a possible motive for the gunfire. "We are deeply saddened that this incident occurred at the conclusion of what should have been a joyful and memorable celebration. Our thoughts are with the Wayzata families and others who were directly affected by this tragic event," Wayzata Public Schools Superintendent Chace B. Anderson said in a letter to families. "Please know that we are working closely with law enforcement and will continue to monitor the situation. We are committed to supporting our school community as we begin to process and heal. Counseling resources will be made available to those who need them, and we will share more information as it becomes available." The graduation ceremony was streamed live by CCX Media. You can watch the replay for free right here. Note: The details provided in this story are based on law enforcement's latest version of events, and may be subject to change. This story was originally reported by Bring Me The News on May 31, 2025, where it first appeared.
National Post
28-05-2025
- Business
- National Post
Cargill Earns #1 Global Ranking for Removing Trans Fats From Edible Oils Portfolio
Article content Article content WAYZATA, Minn. — Cargill earned the top spot on the inaugural Edible Oil Supplier Index 2025, published by global nonprofit Access to Nutrition initiative (ATNi). The ranking recognizes the company's leadership in removing industrially produced trans-fatty acids* (iTFAs) from its entire edible oils portfolio, even in markets with no regulatory mandate. Article content Cargill's leadership in this space has made a tangible difference for customers and consumers around the world. Chantilly, a cherished brand in Mexico known for its bakery, pastry and confectionery products, is a standout example. The company credits Cargill as a key ally in helping remove iTFAs from its popular whipping cream recipes. Article content 'Cargill provided the expertise and technology needed to solve crucial challenges such as maintaining the taste and texture our consumers and operators expect, while preserving the functionality suitable for various culinary applications,' said Miriam Leticia Rodriguez Chigora, R&D leader, Chantilly. 'It not only highlights Cargill's ability to provide technical support and innovative solutions but also its commitment to consumer health and regulatory compliance.' Article content These efforts are part of what ATNi evaluated in its first-ever ranking of the eight largest edible oil suppliers. The international nutrition organization assessed the companies on 19 indicators across four categories. Cargill earned the highest overall score, 81.4%, leading across all assessment areas, with the second-highest scoring company achieving just 14.2%. Article content This recognition builds on a major milestone reached in January 2024, when Cargill became the first — and still only known — global edible oil supplier whose entire portfolio complies with the World Health Organization's (WHO) recommended limit of no more than two grams of iTFAs per 100 grams of fats and oils in food products — a threshold set to protect public health. Article content Cargill's journey began years earlier, well ahead of the WHO's 2018 REPLACE initiative, which called for the global elimination of industrial trans fats. The company invested millions in capital upgrades, committed thousands of R&D hours and helped hundreds of customers reformulate products. To date, Cargill has helped remove more than 1.5 billion pounds of products containing iTFAs from the global food chain. Article content 'Being recognized by ATNi reinforces our responsibility to lead with purpose — delivering safe, sustainable nutrition through the food and ingredient solutions we provide,' said David VandenEinde, Vice President of R&D for Food North America, Cargill. 'This achievement is the result of decades of innovation, close collaboration with customers like Chantilly, and investment in improved edible oil solutions. We will remain fully engaged with food manufacturers and related stakeholders, working together to help pave the way for a healthier and more resilient global food supply.' Article content According to the WHO's 2024 progress report, as of the end of 2023, only 53 of the world's 195 countries — covering just 46% of the global population — had adopted one of WHO's best practice policies to limit iTFA in foods. That reality puts added meaning to ATNi's call for other suppliers to 'follow Cargill by example.' The company not only drove change within its own operations and with its customers, but it has also worked as a catalyst for global change, actively collaborating with health organizations to share expertise and support policy development in markets where iTFA regulations are still emerging. Article content # # # Article content *Industrially produced trans-fatty acids (iTFAs) are created during the partial hydrogenation of vegetable oils but can also be formed by high thermal treatment during edible oil refining. At high levels of consumption, they have been linked to increased risk of coronary heart disease and mortality, prompting the World Health Organization (WHO) to recommend eliminating iTFAs from global food supplies. Article content Cargill is committed to providing food, ingredients, agricultural solutions, and industrial products to nourish the world in a safe, responsible, and sustainable way. Sitting at the heart of the supply chain, we partner with farmers and customers to source, make and deliver products that are vital for living. Article content Article content Article content Article content Article content Article content
