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Micromem Getting Closer to Commercial Production of MRAM Devices

Aug 13 2007

Micromem Technologies Inc. has received very encouraging feedback regarding its financing efforts in Europe. The company has been advised by the agent they have encountered no issues with completing the financing. In a previously announced press release, it remains the company’s intention to raise US$8,500,000. The agent reserves the right to close in tranches.

A portion of the funds have been earmarked to engage an identified U.S. based foundry that will enable the company to accomplish its commercialization plans. The purpose of the foundry is to design and build a commercial MRAM device utilizing Micromem’s patented technology.

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