Micromem Closes Private Placement
Rhea-AI Summary
Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has closed a non-brokered private placement, raising gross proceeds of approximately C$354,973 by issuing 11,832,420 units at C$0.03 per unit. Each unit consists of one common share and one warrant exercisable at C$0.05 for three years. The company paid a finder's fee of about $5,611 in cash. Additionally, Micromem settled indebtedness of C$40,000 with its legal counsel by issuing 1,333,333 units at C$0.03 per unit. In total, the company issued 13,165,753 common shares and 13,165,753 warrants. The proceeds will be used for working capital, and the closing is subject to certain conditions and approvals.
Positive
- Raised approximately C$354,973 in gross proceeds through private placement
- Settled C$40,000 of indebtedness with legal counsel through unit issuance
- Proceeds to be used for working capital
Negative
- Dilution of existing shareholders due to issuance of 13,165,753 new common shares
- Potential future dilution if 13,165,753 warrants are exercised
News Market Reaction – MMTIF
On the day this news was published, MMTIF gained 37.87%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario and New York, New York--(Newsfile Corp. - September 26, 2024) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ("Micromem" or the "Company") announces closing of its non-brokered private placement (the "Private Placement") previously announced in its news release issued on September 16, 2024. Micromem raised gross proceeds of approximately C
Micromem intends to use the proceeds raised through the Private Placement for working capital. Closing of the Private Placement is subject to certain conditions and receipt of all necessary approvals, including compliance with the requirements of the Canadian Securities Exchange (CSE).
In addition, the Company settled indebtedness (the "Debt Settlement") with its legal counsel totaling C
In connection with the Private Placement and the Debt Settlement, Micromem has issued a total of 13,165,753 common shares and 13,165,753 warrants.
The securities offered and sold have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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 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 CSE 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: OTCQB - Symbol: MMTIF
CSE - Symbol: MRM
Shares issued: 567,419,413
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023. Subscribe to receive News Releases by Email on our website's home page. www.micromeminc.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224740
FAQ
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