By Devika Patel
Knoxville, Tenn., April 9 - Micromem Technologies Inc. announced it completed a C$1 million non-brokered private placement of units. It also said it raised C$100,000 in a non-brokered private placement of shares.
The company sold 1,333,333 units at C$0.75 apiece. The units consist of one common share and one warrant, with each one-year warrant exercisable at C$0.94.
In addition, the company sold 116,280 common shares at C$0.86 per share.
Proceeds will be used for general working capital purposes.
Micromem, based in Toronto, is developing non-volatile magnetic memory technology.
| Issuer: | Micromem Technologies Inc.
|
| Issue: | Units of one common share and one warrant, common stock
|
| Total amount: | C$1.1 million
|
| Agent: | Non-brokered
|
| Settlement date: | April 9
|
| Stock symbol: | OTCBB: MMTIF
|
| Stock price: | $1.10 at close April 8
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 1,333,333
|
| Price: | C$0.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.94
|
|
|
| Shares
|
| Amount: | C$100,000
|
| Shares: | 116,280
|
| Price: | C$0.86
|
| Warrants: | No
|
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