TORONTO and NEW YORK /PRNewswire/ - Micromem Technologies Inc. announces the completion of two bridge loans. The first bridge loan is for CDN $250,000 and includes a monthly interest rate of 2% for a period of 30 days, the issuance to the lender of 10,000 share purchase warrants, exercisable at CDN $0.20 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 CDN $0.20 per common share.
The second bridge loan is for CDN $100,000 and includes a monthly interest rate of 2% for a period of 6 months, the issuance to the lender of 5000 share purchase warrants, exercisable at CDN $0.20 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 CDN $0.20 per common share.
The proceeds from the offering will be used for general working capital purposes and the shares will be subject to resale restrictions.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded 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, nonvolatile 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.