Micromem Technologies Inc. Completes Private Placement
Toronto, Ontario & New York, New York--(Newsfile Corp. - February 15, 2013) - Micromem Technologies Inc. (the “Company”) (CNSX: MRM, OTCBB: MMTIF) announces the completion of an arm’s length, non-brokered private placement totalling 312,500 Units (“Unit”) at a subscription price of CDN$0.16 per Unit for gross proceeds of CDN $50,000. Each Unit is comprised of one Common Share (“Common Share”) and one Common Share Purchase Warrant (“Warrant”) that will be subject to resale restrictions. Each Warrant may be exercised for one Common Share at an exercise price of CDN $0.21 for a period of one year.
In addition, the Company issued 666,667 Common Shares through a warrant exercise for total proceeds of CDN $120,000. These Warrants were originally issued in connection with financings completed in 2012. The proceeds from the offering and the exercise of warrants will be used general working capital purposes.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTC MMTIF, CNSX: MRM) company. MASTInc responsibly analyzes the specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated magnetic sensor applications, MASTInc successfully powers the development and implementation innovative solutions for healthcare/biomedical, natural resource exploration, government, information technology, manufacturing, and other industries. Visit www.micromeminc.com www.mastinc.com.
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number 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; 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; infringement of our technology with proprietary rights of third parties; inability to respond to consumer 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 date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise 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 identify forward-looking statements.
The CNSX or any other securities regulatory authority has not reviewed and does not accept responsibility for 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: 142,668,155
SEC File No: 0-26005
Investor Contact: firstname.lastname@example.org; Tel. 416-364-2023
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