May 15, 2009 (FinancialWire) — Micromem Technologies Inc. (TSX: MRM) (OTCBB: MMTIF) said it has closed a brokered private placement with Corinthian Partners LLC of 390,624 units at a subscription price of US $0.96 per unit for the gross proceeds of $375,000.

Each unit is comprised of one common share and one common share purchase warrant. Each warrant may be exercised for one common share at an exercise price of $1.20 for a period of one year.

Micromem said it will use the proceeds from the offering for general working capital purposes. It said the units will be subject to resale restrictions.

Toronto-based Micromem Technologies is a fabless semiconductor company with an office in New York City. Micromem holds a patent portfolio of magnetoresistive random access memory and magnetic sensor technologies.

Micromem’s MRAM patents are used for radiation hard, non-volatile memory applications.

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