Message #32 From:
NewsBot Date: September 5, 2008 06:23:23 PM
MMTIF Stock: Micromem - Corporate Update
TORONTO, Sept. 5 /PRNewswire-FirstCall/ - Micromem Technologies Inc. (OTC BB: MMTIF stock) announces that it has raised $712,250
in a series of arms' length and non-arms' length private placements.
These private placements were subscribed for during the Company's
second and third fiscal quarters and the shares issued are subject to
Rule 144. These funds are being used to further advance the Company's
technology and to fund additional business development initiatives. In
addition, the Company announces that all the issued and outstanding
warrants pursuant to a private placement completed in April, 2005 have
been exercised in full.
The Board of Directors of the Company has approved employment contracts for Joseph Fuda as Chief Executive Officer, Dan Amadori as Chief Financial Officer and Steven Van Fleet
as President of Micromem Applied Sensor Technologies, Inc., the
Company's wholly-owned subsidiary. In addition to the employment
contacts, the Company has entered into a consulting agreement with DAL
Consulting Services whose shareholder, Henry Dreifus, is a Company director.
As part of the employment contracts, a total of 700,000 stock
options were granted. These options vest over a period of 12 months.
75,000 options were granted to employees of DAL Consulting Services
with the same vesting provisions. A further 200,000 stock options were
granted directly to Henry Dreifus; the vesting
provisions on these options are tied to the achievement of defined
revenue milestones by the Company. Finally, the Company has granted a
total of 425,000 stock options to outside directors and employees of
the Company, which options vest over a period of 12 months. The strike
price in all cases is $1.50 per share.
