Micromem Technologies Grants Options to Directors and Key Employees and Completes Private Placement



    TORONTO, Aug. 28 /CNW/ - Micromem Technologies Inc., (Micromem) (OTC BB:
MMTIF, CNSX: MRM) announces that on August 25, 2009 its Board of Directors
approved the granting of an aggregate of 1,345,000 incentive stock options to
certain directors and key employees of the Company. These options have an
exercise price of $1.00 per share and will vest immediately. These stock
options are exercisable according to the terms of the Company's stock option
plan and will expire five years from the grant date.
    Micromem also announces the completion of a non-brokered arm's length
private placement of 500,000 common shares at a subscription price of USD
$0.76 per common share for the gross proceeds of USD $380,000.00. Each Unit is
comprised of one common share ("Common Share") and one common share purchase
warrant ("Warrant"). Each Warrant may be exercised for one Common Share at an
exercise price of USD $0.95 for a period of one year.
    The proceeds from the offerings will be used for general working capital
purposes and will be subject to resale restrictions.

    About Micromem and 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 forward-looking
statements.

    
    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: 88,883,003
    SEC File No: 0-26005
    





For further information:

For further information: Investor Contact: Jason Baun, Chief Information
Officer, Micromem Technologies Inc., (416) 364-2023

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Micromem Technologies Inc.

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