July 26, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Micromem Technologies Inc. (TSX: MRM) (OTCBB: MMTIF) said it has closed a non-brokered, arm's length private placement of 312,500 Units at a subscription price of USD $0.32 per Unit for the gross proceeds of USD $100,000.

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 USD $0.40 for a period of one year.

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

MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a fabless semiconductor company with headquarters in Toronto, Canada and an office in New York City.

Micromem holds a patent portfolio of Magnetoresistive Random Access Memory (MRAM) and magnetic sensor technologies. Micromem's MRAM patents create a solution for radiation hard, non-volatile memory applications. MASTInc 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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