Northcore closes rights offering to shareholders

    Generates $1.65 million in gross proceeds


    TORONTO, Aug. 23 /CNW/ - Northcore Technologies Inc. (TSX: NTI;
OTCBB:NTLNF), a provider of web-based asset management applications and
services, announced today that it has successfully closed its rights offering
to eligible shareholders, generating gross proceeds of $1.65 million that will
be earmarked for working capital purposes.
    "I'm delighted with this result," said Duncan Copeland, CEO of Northcore
Technologies. "All of us at Northcore thank our shareholders for this
tremendous vote of confidence. We've got hard work to do to live up to our end
of the bargain, but this infusion of working capital lets us hire more skilled
people to grow our relationships with our customers, such as GE."
    As a result of the rights offering, Northcore will issue 20,628,302
common shares, each priced at $0.08 per share. The total represents 95 percent
of shares made available through the rights offering.

    About Northcore Technologies Inc.
    Northcore Technologies provides core asset solutions that help
organizations source, manage and sell their capital equipment. Northcore works
with a growing number of customers and partners in a variety of sectors
including oil and gas, government, and financial services. Current customers
include GE Commercial Finance, Paramount Resources and Trilogy Energy Trust.
    Northcore owns a 50 percent interest in GE Asset Manager, a joint
business venture with GE.

    This news release may include comments that do not refer strictly to
historical results or actions and may be deemed to be forward-looking within
the meaning of the Safe Harbor provisions of the U.S. federal securities laws.
These include, among others, statements about expectations of future revenues,
cash flows, and cash requirements. Forward-looking statements are subject to
risks and uncertainties that may cause Northcore's ("the Company") results to
differ materially from expectations. These risks include the Company's ability
to raise additional funding, develop its business-to-business sales and
operations, develop appropriate strategic alliances and successful development
and implementation of technology, acceptance of the Company's products and
services, competitive factors, new products and technological changes, and
other such risks as the Company may identify and discuss from time to time,
including those risks disclosed in the Company's Form 20-F filed with the
Securities and Exchange Commission. Accordingly, there is no certainty that
the Company's plans will be achieved.

    %SEDAR: 00019461E

For further information:

For further information: At Northcore Technologies Inc.: Joe Racanelli,
Tel: (416) 640-0400 ext. 273, E-mail:

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