TORONTO, and NEW YORK, Jan. 12, 2012 /CNW/ - Micromem Technologies Inc.
[the "Company"] (OTC BB: MMTIF) (CNSX: MRM) announces the completion of
a Convertible Debenture ("Debenture"). The terms of the Debenture are
CDN $100,000 and will bear an interest rate of 2% per month for six
months. The Debenture carries a conversion privilege, at the option of
the lender, into Units (Units) of the Company. Each Unit consists of
one Common Share (Common Share) and one Common Share Purchase Warrant
(Warrant). If elected to convert the Debenture the outstanding balance,
inclusive of interest, will be converted into Units of the Company at a
price of CDN $0.10 for the Common Share and CDN $0.12 for the Warrants,
which are exercisable for a 12 month period.
The Company would like to further clarify a press release issued on
December 7, 2012 regarding the closing of two Debentures. The
Debentures for US $255,000 and CDN $30,000 will bear an interest rate
of 2% per month for six months. The Debenture carries a conversion
privilege, at the option of the lenders, into Units of the Company.
Each Unit consists of one Common Share and one Warrant. If elected to
convert the Debenture the outstanding balance, inclusive of interest,
will be converted into Units of the Company at a price of US $0.12 and
CDN $0.12 per Unit and the Warrants are exercisable for a 12 month
About Micromem, MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC BB: MMTIF, CNSX: MRM) company. MASTInc
responsibly analyzes the specific industry sectors to create
intelligent game-changing applications that address unmet market needs.
By leveraging its expertise and experience with sophisticated magnetic
sensor applications, MASTInc successfully powers the development and
implementation of innovative solutions for healthcare/biomedical,
natural resource exploration, government, information technology,
manufacturing, and other industries. Visit www.micromeminc.com www.mastinc.com.
Safe Harbor Statement
This press release contains forward-looking statements. Such
forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company's actual
results to differ materially from those projected in such
forward-looking statements. In particular, factors that could cause
actual results to differ materially from those in forward looking
statements include: our inability to obtain additional financing on
acceptable terms; risk that our products and services will not gain
widespread market acceptance; continued consumer adoption of digital
technology; inability to compete with others who provide comparable
products; the failure of our technology; the infringement of our
technology with proprietary rights of third parties; inability to
respond to consumer and technological demands; inability to replace
significant customers; seasonal nature of our business; and other risks
detailed in our filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date made and are not
guarantees of future performance. We undertake no obligation to
publicly update or revise any forward-looking statements. When used in
this document, the words "believe," "expect," "anticipate," "estimate,"
"project," "plan," "should," "intend," "may," "will," "would,"
"potential," and similar expressions may be used to identify
The CNSX or any other securities regulatory authority has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
press release that has been prepared by management.
Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
CNSX - Symbol: MRM
Shares issued: 117,384,740
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
For further information:
Investor Contact: Jason Baun, Chief Information Officer Tel. 416-364-2023