TORONTO, NEW YORK, Jan. 24, 2013 /CNW/ - Micromem Technologies Inc. (the
"Company") (CNSX: MRM, OTCBB: MMTIF) announces the completion of the
first tranche of an arm's length, non-brokered private placement
totalling 1,967,117 Units ("Unit") at a subscription price of
CDN$0.16125 per Unit for gross proceeds of CDN $317,197.62. 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 $0.215 for a period of one year. The Company
expects to close a second tranche of up to 500,000 Units within the
next 10 days. In addition, the Company issued 770,000 Common Shares
through a warrant exercise for total proceeds of CDN $92,400.00. 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 for general working capital purposes.
The Company also announces the issuance of 1,090,000 options to purchase
common shares of the Company (the "Options"), in accordance with the
2007 Micromem Technologies Inc. Stock Option Plan, as amended on one or
more occasions. These Options have been issued to the Directors,
Officers and Employees of the Company at a strike price of $0.30 CDN.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC BB: 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 of 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 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; the infringement of our
technology with proprietary rights of third parties; 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 statements.
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: 139,054,467
SEC File No: 0-26005
SOURCE: Micromem Technologies Inc.
