May 20, 2009 (FinancialWire) — Micromem Technologies Inc. (TSX: MRM) (OTCBB: MMTIF) has closed a non-brokered arm’s length private placement of 388,980 units at a subscription price of $1 per unit for the gross proceeds of $388,980.

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 $1.24 for a period of four months.

An arms length transaction is one in which the buyers and sellers act independently and have no relationship to each other.

Micromem said it will use the proceeds for general working capital purposes. The shares will be subject to resale restrictions.

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

It plans to launch products for defense and consumer applications.

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