Exhibit 99.1
| FOR IMMEDIATE RELEASE | July 13, 2012 |
Micromem Technologies Inc. Completes Private Placement and Raises Additional Funds with the Exercise of Warrants
Toronto, New York, July 13, 2012: Micromem Technologies Inc. (the “Company”) (CNSX: MRM, OTCBB: MMTIF) announces the completion of an arm’s length private placement totalling 500,000 Units (“Unit”) at a subscription price of CDN$0.20 per Unit for the gross proceeds of CDN $100,000. Each Unit is comprised of one Common Share (“Common Share”) and one Common Share Purchase Warrant (“Warrant”). Each Warrant may be exercised for one Common Share at an exercise price of CDN $0.25 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.
The Company also announces the issuance of 2,613,045 Common Shares through a combination of debenture conversion and warrant exercise for total proceeds of US $157,636 and CDN $52,620. These Warrants were originally issued in connection with financings completed in 2011. The proceeds will be used for general working capital purposes.
About Micromem and MASTInc
MASTInc is a wholly owned
U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTC BB:
MMTIF, CNSX: MRM) company. MASTInc responsibly analyzes the specific industry
sectors to create intelligent game-changing applications that address unmet
market needs. By leveraging its expertise and experience with sophisticated
magnetic sensor applications, MASTInc successfully powers the development and
implementation of innovative solutions for healthcare/biomedical, natural
resource exploration, government, information technology, manufacturing, and
other industries. Visit www.micromeminc.com
www.mastinc.com.
Safe Harbor Statement
This press release contains
forward-looking statements. Such forward-looking statements are subject to a
number of risks, assumptions and uncertainties that could cause the Company’s
actual results to differ materially from those projected in such forward-looking
statements. In particular, factors that could cause actual results to differ
materially from those in forward looking statements include: our inability to
obtain additional financing on acceptable terms; risk that our products and
services will not gain widespread market acceptance; continued consumer adoption
of digital technology; inability to compete with others who provide comparable
products; the failure of our technology; the infringement of our technology with
proprietary rights of third parties; inability to respond to consumer and
technological demands; inability to replace significant customers; seasonal
nature of our business; and other risks detailed in our filings with the
Securities and Exchange Commission. Forward-looking statements speak only as of
the date made and are not guarantees of future performance. We undertake no
obligation to publicly update or revise any forward-looking statements. When
used in this document, the words “believe,” “expect,” “anticipate,” “estimate,”
“project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential,” and
similar expressions may be used to identify forward-looking statements.
The CNSX or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.
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Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
CNSX - Symbol: MRM
Shares issued: 127,424,710
SEC File No:
0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023
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