MOSAID Technologies Inc. Announces Closing of $31.0 Million Bought Deal Financing

OTTAWA, ONTARIO-- Feb. 23, 2010 -- MOSAID Technologies Incorporated ("MOSAID" or the "Company") is pleased to announce that it has closed its previously announced bought deal financing for aggregate gross proceeds of approximately $31.0 million. The underwriting syndicate has exercised their full over-allotment option resulting in the issuance by MOSAID of an aggregate of 1,437,500 common shares at an issue price of $21.65 per share. The syndicate of underwriters was led by BMO Nesbitt Burns Inc., and included CIBC World Markets Inc., Cormark Securities Inc. and Northern Securities Inc. The offering was completed by way of a short form prospectus.

Net proceeds of the offering will be approximately $29.5 million after fees and expenses and will be used to fund patent acquisitions and for general corporate purposes.

The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States or to or for the account or benefit of "U.S. Persons" (as defined in Regulation S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from U.S. registration requirements. This press release does not constitute an offer of securities for sale in the United States or to or for the account or benefit of U.S. Persons.

About MOSAID

MOSAID Technologies Inc. is one of the world's leading intellectual property companies. MOSAID develops semiconductor memory technology and licenses patented intellectual property in the areas of semiconductors and telecommunications systems. MOSAID counts many of the world's largest semiconductor companies among its licensees. Founded in 1975, MOSAID is based in Ottawa, Ontario.