Micromem Technologies Inc. announces Private Placement

    TORONTO, Feb. 11 /CNW/ - Micromem Technologies Inc. (the "Company")
(CNSX: MRM, OTCBB: MMTIF) wishes to announce a non-brokered private placement
of 1,153,846 Units at a subscription price of $0.54 per Unit for gross
proceeds of $623,076.84. Each Unit is comprised of one common share ("Common
Share") of the Company and one warrant ("Warrant"). Each Warrant may be
exercised for one Common Share at an exercise price of $0.70 for a period of
one year. The proceeds from the offering will be used for general working
capital purposes.

    The CNSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.

    About Micromem Technologies Inc. and MASTInc:
    MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC: MMTIF) 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: 83,555,521
    SEC File No: 0-26005

    %SEDAR: 00004447E          %CIK: 0001085921

For further information:

For further information: Jason Baun, 1-877-388-8930

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Micromem Technologies Inc.

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