TORONTO, Sept. 27 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF) is
pleased to announce that it has secured arms length financing in the form of a
30 day bridge loan for CDN $525,000 while it completes the financing
arrangements as announced on June 12, 2007. The terms of the bridge financing
include a fee of 5% and the issuance of 250,000 share purchase warrants
exercisable at $0.50 for a period of 12 months. This loan was negotiated on
September 7, 2007 and was further ratified by the Board of Directors during
the Audit Committee meeting held on Monday, September 24, 2007. The temporary
loan allowed Micromem to engage Global Communication Semiconductors at an
earlier date to commence commercialization work immediately as announced on
September 17, 2007, while the company completes the above mentioned financing.
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
Shares issued: 73,368,799
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,