Exhibit 99.1

News release via Canada NewsWire, Toronto 416-863-9350

     Attention Business Editors:
     Micromem Technologies Inc. Completes Financing

     TORONTO and NEW YORK, Aug. 31 /CNW/ - Micromem Technologies Inc.
("Micromem", the "Company") (OTC BB: MMTIF, CNSX: MRM) announces that it has
secured arms length financing in the form of a 6 month bridge loan for CAN
$200,000.
     The terms of the bridge loan include a monthly interest rate of 2% for
the term of the loan, the issuance of 7,500 share purchase Warrants
("Warrant") exercisable at US $0.40 for a period of 12 months and a conversion
privilege, at the holder's option, of up to the entire amount, inclusive of
interest, at a rate of US $0.40 per Common Share ("Common Share").
     In addition the Company announces the completion of a non-brokered, arm's
length private placement of 200,000 Units at a subscription price of CAN $0.25
per Unit for the gross proceeds of CAN $50,000. 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 CAN $0.30 for a period
of one year.
     The proceeds of these transactions will be used for general working
capital purposes and all share issuances will be subject to applicable trade
restrictions.

     <<
     About Micromem Technologies Inc. and MASTInc:
     ---------------------------------------------
     >>

     MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC: MMTIF CNSX:MRM) 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, 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. 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.

     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, 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.

     <<
     Listing: NASD OTC-Bulletin Board - Symbol: MMTIF
              CNSX - Symbol: MRM
     Shares issued: 93,294,204
     SEC File No: 0-26005
     >>

     %SEDAR: 00004447E %CIK: 0001085921

     /For further information: Jason Baun, Chief Information Officer,
416-364-2023/
     (MRM. MMTIF)

CO:  Micromem Technologies Inc.

CNW 16:44e 31-AUG-10