Followers | 53 |
Posts | 7442 |
Boards Moderated | 0 |
Alias Born | 08/24/2010 |
Saturday, September 23, 2017 9:52:40 AM
Note 4th Quarter is end of Oct 2017.
Toronto, Ontario and New York, New York--(Newsfile Corp. - September 22, 2017) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ("Micromem") ("the Company") and its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), provide the following current update on business developments.
At the Annual General Meeting of Shareholders on July 21st, the independent directors (Directors) advised that they were undertaking a current assessment of all facets of the Company's operations. The summary observations from this process are as below:
An independent review has been undertaken of the Company's two key development agreements with its major development partners; including a review of the working arrangements with our key subcontractors for each of those projects. Based on this work, the Directors are satisfied that that both of these projects are of future commercial value to the Company.
Post AGM, the Company has continued to negotiate the go forward terms of these commercial agreements, addressing the issues raised in the review as well as those identified in past discussions, a process in which it has been engaged in since 2016 and which process has been duly reported in our periodic quarterly filings. We anticipate that these discussions may be finalized in Q4.
Since the AGM the Company has announced that (i) it has secured certain financing from arms' length parties totaling $293,500; (ii) that the CEO has converted into common shares the $100,000 CDN convertible debenture financing which he provided to the Company in September 2016; (iii) that the CFO has converted a portion of his remuneration owing by the Company into common shares. Most recently, the Company had raised $36,000 as a private placement at $0.18 CDN per Common Share, by an arm's length investor.
A current review of the outstanding convertible debentures indicates that the Company is current in its obligations with all of the debenture holders.
As part of the Company's cash conservation strategy while, as above, it is awaiting finalization of its commercial agreements with its development partners, it has implemented certain reductions in its overhead cost structures. Amongst other measures, this includes the postponement of payment of current remuneration to senior management and the deferral of a portion of the wages otherwise payable to the Company's staff. The result has been to reduce the Company's monthly cash burn by approximately $65,000. Once these agreements are finalized, the Company anticipates that it will meet these financial commitments to its personnel.
The Company anticipates that it will file its interim quarterly financial statements as of July 31,2017 in the normal course by September 29, 2017.
There are no legal matters outstanding of which the Company is currently aware.
Recent MMTIF News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/04/2024 08:02:02 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/04/2024 07:42:20 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 08/01/2024 07:31:03 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/26/2024 08:01:12 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/12/2024 07:55:58 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/08/2024 08:56:44 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/06/2024 09:06:03 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/12/2024 09:41:29 PM
- Form 20-F - Annual and transition report of foreign private issuers [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/05/2024 08:46:04 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/16/2024 08:56:16 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/12/2023 09:13:42 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/05/2023 10:09:10 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/25/2023 12:37:49 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM