Northcore raises $678,000 through private placement

    TORONTO, July 11 /CNW/ - Northcore Technologies Inc. (TSX: NTI;
OTCBB:NTLNF), a global provider of asset lifecycle solutions, confirmed today
that it has closed a private placement securing gross proceeds of $678,000
through the issuance of convertible debentures.
    "The funds will be used for general working capital purposes and to
sustain Northcore's operations so we can take advantage of the opportunities
before us." said Duncan Copeland, CEO of Northcore Technologies.
    Under the terms of the private placement, investors will be able to
convert the Series M debentures at any time during the five-year term into
units priced at $0.05. Each unit consists of one common share and one common
share purchase warrant. Each warrant may be converted into a common share at
the exercise price of $0.10 at any time prior to the earlier of the maturity
date of the debentures or upon a 20-day notice issued by the Company
confirming that the closing price of its shares on the TSX was $0.20 or above
for 10 consecutive trading days.
    The Series M debentures will mature on July 11, 2013. The debenture will
bear interest at an annual rate of 10 percent of the principal amount of the
debentures outstanding from time to time, payable in cash on the earlier of
the conversion of the debenture or the maturity date.
    Northcore's board of directors unanimously passed a resolution approving
the terms. Northcore has also received conditional approval from the TSX for
the private placement.
    As a result of the Series M private placement, Northcore will issue up to
27,120,000 common shares.
    Dundee Securities Corporation received a brokerage commission of four
percent on a portion of the private placement.
    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of such

    About Northcore Technologies Inc.
    Northcore Technologies provides software solutions and services that help
organizations source, manage and sell their capital equipment and assets.
Northcore works with a growing number of customers and partners in a variety
of sectors including financial services, manufacturing, oil and gas and
government. Some of our current customers include GE Commercial Finance,
Paramount Resources, The Brick and Trilogy Energy Trust among others.
    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: Northcore Technologies Inc., Investor
Relations, Tel: (416) 640-0400 ext. 273, E-mail:

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