Business
Micromem Announces Private Placement
Toronto, Ontario and New York, New York--(Newsfile Corp. - September 19, 2023) - Micromem Technol...
About this update from Micromem Technologies Inc.
[{"type":"text","content":"Micromem Announces Private PlacementToronto, Ontario and New York, New York--(Newsfile Corp. - September 19, 2023) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) (\"Micromem\" or the \"Company\") announces a proposed private placement (the \"Private Placement\") of common shares and convertible debenture(s) for aggregate gross proceeds of CDN$194,000. It is anticipated that the Company will place a total of 625,000 common shares at CDN$0.08 per share for gross proceeds of CDN $50,000, and convertible debenture(s) for gross proceeds of CDN$144,000, bearing an interest rate of twelve percent (12%) per annum compounded daily, with a conversion option at CDN$0.10 per share and maturing in 12 months. The Issuer intends to use the Private Placement proceeds for general working capital and repayment of debt. All securities to be issued pursuant to the Private Placement will be subject to a four-month holding period. The Private Placement remains subject to final regulatory approvals.About Micromem.Micromem Technologies Inc. and its subsidiaries, a publicly traded (OTCQB: MMTIF) (CSE: MRM), company analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the Company successfully powers the development and implementation of innovative solutions for oil & gas, utilities, automotive, healthcare, government, information technology, manufacturing and other industries. Visit www.micromeminc.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 res...