Company completes equity sale to fund general working capital purposes
By Devika Patel
Knoxville, Tenn., May 11 - Micromem Technologies Inc. said it completed a $50,000 private placement of units.
The company sold 208,333 units of one common share and one warrant at $0.24 per unit.
Each whole warrant is exercisable at $0.30 for one year. The strike price is a 7.14% premium to the May 10 closing share price of $0.28.
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
|
| Amount: | $50,000
|
| Units: | 208,333
|
| Price: | $0.24
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.30
|
| Settlement date: | May 11
|
| Stock symbol: | OTCBB: MMTIF
|
| Stock price: | $0.28 at close May 10
|
| Market capitalization: | $29.04 million
|
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