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TORONTO, ONTARIO–(Marketwire – May 3, 2011) – Northcore Technologies Inc. (TSX:NTI)(OTCBB:NTLNF), a global provider of asset management technology solutions, is pleased to provide a corporate update on a number of activities.

The Company has fully repaid the operating loan of $500,000 received on October 28, 2010 from a private institution.

The Company has also completed a series of debt to equity conversions by investors totaling $185,000. As a result of the conversions, the Company issued 1,850,000 common shares and 1,850,000 warrants with an exercise price of $0.15. Additionally, the Company generated total proceeds of $338,000 through the exercise of the associated warrants.

“We are pleased to announce this most recent improvement to our balance sheet as a follow up to the optimism expressed at our Annual General Meeting this week,” said Duncan Copeland, CEO of Northcore Technologies. “Thanks to the continuing support of investors, we are able to maintain our focus on building IP value and revenues as outlined to our shareholders.”

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Article source: http://www.marketwire.com/press-release/northcore-provides-corporate-update-tsx-nti-1509508.htm