January 19, 2010 (FinancialWire) — Canadian chipmaker Micromem Technologies Inc. (CNSX: MRM) (OTCBB: MMTIF) has closed a non-brokered non-arm’s length private placements of a total of 366,000 units at a subscription price of  $0.44 per Unit for the gross proceeds of  $161,040.

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  $0.55 for a period of one year.

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

Micromem Technologies is a fabless semiconductor company with headquarters in Toronto, Canada and an office in New York City.

Micromem holds and continues to develop a patent portfolio of Magnetoresistive Random Access Memory and magnetic sensor technologies.

The company’s U.S.-based MASTInc unit is focused on business development efforts and is working on the launch of sensory products for use in both defense and consumer applications.

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