TORONTO and NEW YORK, April 17 /CNW/ - Micromem Technologies Inc. (the
"Company") (CNSX: MRM, OTCBB: MMTIF) announces the completion of a
non-brokered arm's length private placement of 174,419 common shares at a
subscription price of CAN $0.86 per common share for the gross proceeds of CAN
The proceeds from the offerings will be used for general working capital
purposes and will be subject to resale restrictions.
About Micromem Technologies Inc. and MASTInc:
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC: MMTIF CNSX:MRM) fabless semiconductor company
with headquarters in Toronto, Canada and an office in New York City. Micromem
holds and continues to develop a broad-based patent portfolio of
Magnetoresistive Random Access Memory (MRAM) and magnetic sensor technologies.
Micromem's MRAM patents create a solution for performance driven, radiation
hard, non-volatile memory applications. MASTInc is focused on business
development efforts and is working on the launch of sensory products for use
in both defense and consumer applications. Its first product, GC-0301, is far
superior to the competition with over 200 V/T, making it one of the most
sensitive hall sensors on the market without the need for external
amplification. MASTInc is working with companies that have large-scale
capabilities and expects to sign contracts in the coming quarters.
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, 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
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: 86,768,981
SEC File No: 0-26005
%SEDAR: 00004447E %CIK: 0001085921
For further information:
For further information: Jason Baun, 1-877-388-8930