TORONTO, and NEW YORK /PRNewswire/ -- Micromem Technologies Inc. announces the completion of a nonbrokered, arm's length private placement of 250,000 Units at a subscription price of CDN $0.20 per Unit for the gross proceeds of CDN $50,000. Each Unit is comprised of one common share and one common share purchase. Each Warrant may be exercised for one Common Share at an exercise price of CDN $0.20 for a period of one year.
The proceeds from the offering will be used for general working capital purposes, and the shares will be subject to resale restrictions.
About Micromem Technologies and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded fabless semiconductor company with headquarters in Toronto, Canada, and an office in New York City. Micromem holds and continues to develop a broad-based patent portfolio of magnetoresistive random access memory (MRAM) and magnetic sensor technologies. Micromem's MRAM patents create a solution for performance driven, radiation hard, nonvolatile 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. "Its first product, GC-0301, is far superior to the competition, with over 200 V/T, making it one of the most sensitive hall sensors on the market without the need for external amplification." MASTInc is working with companies that have large-scale capabilities and expects to sign contracts in the coming quarters.