Micromem Technologies Inc. (OTCPK:MMTI.F) announced a private placement of one unsecured convertible debenture, one unsecured debenture and common shares for gross proceeds of CAD 160,000 on January 13, 2017. The company issued one unsecured convertible debenture for proceeds of CAD 60,000, one unsecured debenture for proceeds of CAD 50,000 and 200,000 common shares at CAD 0.25 per share for proceeds of CAD 50,000. Convertible debenture carries an interest of 1% per month calculated daily and will mature at one year from the date of issue. At any time prior to repayment, the outstanding principal and interest of the convertible debentures may be converted, at the option of the lender, into common shares of the company at a price per common share of CAD 0.35 per share. Non-convertible debenture carries an interest of 2% per month calculated daily and will mature at one year from the date of issue.