TORONTO, Oct. 18 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF) is
pleased to announce that it has raised approximately $505,000 by way of arms
length and non-arms length private placements at $0.45 per share. The shares
issued will be subject to Rule 144. This private placement was subscribed for
on October 9, 2007 and was further ratified by the Board of Directors meeting
held on Thursday, October 11, 2007. In addition to advancing Micromem's
technology with Global Communications Semiconductor, Inc., these funds are
being used to retire the previously announced bridge loan.
With respect to the company's previously announced financing efforts,
management will continue to pursue this opportunity and intends on closing the
entire amount in the near future.
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
Shares issued: 73,268,799
SEC File No: 0-26005
About Micromem Technologies Inc.
Micromem Technologies, Inc. (www.micromeminc.com) is focused on the
development of magnetic random access memory (MRAM) technology.
Statements in this news release that are not historical facts, including
statements about plans and expectations regarding products and opportunities,
demand and acceptance of new or existing products, capital resources and
future financial results are forward-looking. Forward-looking statements
involve risks and uncertainties, which may cause Micromem's actual results in
future periods to differ materially from those expressed or suggested herein.
These uncertainties and risks include, without limitation, the inherent
uncertainty of research, product development and commercialization, the impact
of competitive products and patents, our ability to fund our current and
future business strategies and respond to the effect of economic and business
conditions generally as well as other risks and uncertainties detailed from
time to time in Micromem's filings with the Securities & Exchange Commission.
There can be no guarantee that Micromem will be able to enter into any
commercial arrangements on terms that are favorable to it, or at all. For more
information, please refer to Micromem's Annual Report on Form 20-F and its
Form 6-Ks as filed with the U.S. Securities and Exchange Commission. Micromem
is under no obligation (and expressly disclaims any obligation) to update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise.
For further information:
For further information: Jason Baun, Chief Information Officer, (877)