TORONTO, NEW YORK, Feb. 1, 2013 /CNW/ - Micromem Technologies Inc. (the
"Company") (CNSX: MRM, OTCBB: MMTIF) announces the completion of the
second tranche of an arm's length, non-brokered private placement
totalling 799,904 Units ("Unit") at a subscription price of CDN$0.16125
per Unit for gross proceeds of CDN $128,984. 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.
In addition, the Company issued 76,667 Common Shares through a warrant
exercise for total proceeds of USD $11,500. 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.
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: 141,791,584
SEC File No: 0-26005
SOURCE: Micromem Technologies Inc.
