February 16, 2010 (FinancialWire) — Micromem Technologies Inc. (CNSX: MRM) (OTCBB: MMTIF) said it has completed a non-brokered, arm’s length private placement totaling 133,333 Units at a subscription price of US $0.45 per unit for the gross proceeds of US $60,000.

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 US $0.56 for a period of one year.

The company plans to use proceeds from the offering for general working capital purposes and the shares will be subject to resale restrictions.

Canada-based Micromem Technologies is a fabless semiconductor company.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.