Micromem Technologies Inc. (OTCBB:MMTI.F) announced a private placement of 2,467,117 units at a price of CAD 0.16125 per unit for gross proceeds of CAD 397,823 on January 24, 2013. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at an exercise price of CAD 0.215 per share for a period of one year.

On the same day, the company issued 1,967,117 units for gross proceeds of CAD 317,198. The company expects to close a second tranche of additional 500,000 units within next 10 days. The company's board of directors unanimously approved the transaction.