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TORONTO/NEW YORK - Micromem Technologies Inc. (CSE:MRM) (OTCQB:MMTIF), currently trading at $0.04 with a market capitalization of $26.59 million, announced Tuesday its intention to proceed with a non-brokered private placement offering common share units at CAD $0.055 per unit to raise up to CAD $400,000, with a potential 50% increase at the company’s discretion. According to InvestingPro analysis, the company faces significant short-term liquidity challenges with a current ratio of 0.05.
Each unit consists of one common share and one warrant exercisable at CAD $0.06 per share for one year. The company plans to use the proceeds for working capital and debt settlement.
All securities issued through the private placement will be subject to a four-month hold period, and the offering remains subject to final regulatory approvals.
The company noted that securities offered have not been registered under the U.S. Securities Act of 1933 or state securities laws, limiting their sale within the United States.
Micromem Technologies develops sensor applications for various industries including oil and gas, utilities, automotive, healthcare, and manufacturing sectors.
The announcement was made in a company press release that included forward-looking statements subject to risks and uncertainties that could cause actual results to differ from projections.
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