Micromem Technologies Grants Options to Directors and Key Employees, Finishes Private Placement

Micromem Technologies announced that its Board of Directors approved the granting of an aggregate of 1,345,000 incentive stock options to certain directors and key employees of the Company on Aug. 25.

These options have an exercise price of $1.00 per share and will vest immediately, the company said. The company also noted that these stock options are exercisable according to the terms of the Company's stock option plan and will expire five years from the grant date.

Micromem also announced the completion of a non-brokered arm's length private placement of 500,000 common shares at a subscription price of USD $0.76 per common share for the gross proceeds of USD $380,000.00. Each Unit is comprised of one common share (Common Share) and one common share purchase warrant (Warrant). Each Warrant may be exercised for one Common Share at an exercise price of USD $0.95 for a period of one year, the company said.

The Company noted the proceeds from the offerings will be used for general working capital purposes and will be subject to resale restrictions.

MASTInc is a subsidiary of Micromem Technologies. MASTInc analyzes the specific industry sectors to create applications that address market needs in healthcare/biomedical, natural resource exploration, government, information technology, manufacturing and other industries.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

Related terms: biomedical, exercise, exploration, government, grants, healthcare, information technology, manufacturing, market, Private Placement, stock option, subscription, technology