TORONTO , and NEW YORK , Oct. 18 /CNW/ – Micromem Technologies Inc. (the “Company”) (CNSX: MRM, OTCBB: MMTIF) announces the completion of a brokered, arm’s length private placement of 1,325,000 Units at a subscription price of US $0.18 per Unit for the gross proceeds of US $238,500 . Each Unit is comprised of one common share (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant may be exercised for one Common Share at an exercise price of US $0.24 for a period of one year. A fee of 7% was paid in connection with this private placement.
The proceeds from the offering will be used for general working capital purposes and the shares will be subject to resale restrictions.