Micro Imaging Technology, Inc. (OTCPK:MMTC) announced a private placement of 7% senior secured convertible debentures due March 8, 2015 for gross proceeds of $1,000,000 on March 7, 2012. Alpine MIT Partners, LLC, an affiliate of Alpine Capital Partners, L.L.C. will invest in the transaction. The debentures will mature on March 8, 2015. The debentures will bear interest at 7% per annum payable quarterly. The agreement also provides that the investor will be granted a 12 months additional investment right similar to a warrant to purchase up to an additional $1,000,000 of debentures. If the additional investment right is exercised, the second debenture will have a conversion rate of $0.00375 per share during the first six months, $0.005 per share during the following three months, and $0.0075 per share thereafter. The investor will have the right to have four of its nominees be appointed to the company's board of directors. The company will also issue 107,142,857 options exercisable at $0.007 per share till at any time after April 7, 2012 and till October 8, 2012. The company shall pay all fees and expenses incident to the performance of or compliance with this agreement in an amount not to exceed $25,000. At the closing, the company shall pay to Alpine MIT Partners, LLC an aggregate fee of $75,000 for their legal fees and expenses incurred in connection with the preparation and negotiation of the agreement. The initial debenture for gross proceeds of $1,000,000 will be convertible into shares of common stock at a conversion rate of $.003 per share and is scheduled to take place on or before April 6, 2012. For the initial debenture, interest shall be due the first day of the month following the applicable quarter and payable within five business days after the end of each quarter ending March 31, June 30, September 30, and December 31, respectively.