TORONTO AND NEW YORK, Jan. 11 /CNW/ - Micromem Technologies Inc. (the
"Company") (CNSX: MRM, OTCBB: MMTIF) announces the completion of a
non-brokered, non-arm's length private placement of 750,000 Units at a
subscription price of CDN $0.20 per Unit for the gross proceeds of CDN
$150,000. 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 $0.22 for a
period of one year.
The proceeds from the offering will be used for general working capital
purposes and the shares 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
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
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: 96,774,511
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.
For further information:
Jason Baun, Chief Information Officer, Tel. 416-364-2023