TORONTO, NEW YORK, Feb. 8, 2012 /CNW/ - Micromem Technologies Inc. (the
"Company") (CNSX: MRM, OTCBB: MMTIF) announces the completion of a
non-brokered, non-arm's length private placement of 88,236 Units
("Unit") at a subscription price of CDN $0.17 per Unit for the gross
proceeds of CDN $15,000. 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 CDN $0.20 for a period of one year.
In addition the Company announces the completion of a Convertible
Debenture ("Debenture"). The terms of the Debenture are CDN $184,000
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 with a strike
price of CDN $0.17 for the Common Share and CDN $0.20 for the Warrants,
which are exercisable for a 12 month period.
The proceeds from the offering will be used for general working capital
purposes and the shares 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
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: 118,231,407
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
For further information:
Jason Baun, Chief Information Officer; Tel. 416-364-2023