Northcore Secures Cdn $6.0 Million Equity Commitment

(TSX: NTI; OTCBB: NTLNF)

TORONTO, June 16, 2010 - Northcore Technologies Inc. (TSX: NTI; OTCBB: NTLNF), a global provider
of asset management technology solutions, is pleased to announce that it has
entered into an agreement with GEM Global Yield Fund Limited ("GEM") for a
Cdn $6.0 million equity line of credit. Funds raised will be used for the
enhancement of existing and development of new product lines within the
Company's Working Capital Engine(TM).

According to the terms of the agreement, GEM has agreed to provide the
Company with up to Cdn $6.0 million in the form of an equity line of credit.
The Company will control the timing and maximum amount of any draw downs
under this facility, and has the right not the obligation, to draw down on
available funds. The Company has the option within the terms of the
agreement, to draw down funds in tranches by requiring GEM to subscribe for
the Company's common shares at a 10 percent discount to the average closing
price of the Company's common shares over a 15 day trading period following
the draw down notice date. GEM will hold freely trading shares of the Company
through a share lending facility provided by current shareholders. As part of
the equity credit line transaction, the Company has agreed to issue six
million warrants to GEM. The warrants will be exercisable for a period of
three years from the closing notice date at an exercise price of Cdn $0.27
per share.

"Investment decisions by GEM are based in large part on funding
sustainable growth over the long term. Within this context, the due diligence
process highlighted the depth of relationship between Northcore and GE
Capital Solutions, the level of our products' sophistication, plus our
ability to make strategic decisions to develop growth opportunities beyond GE
that become possible with GEM's Cdn $6.0 million committed equity line and
access to their business network," said Duncan Copeland, CEO of Northcore
Technologies.

About Northcore Technologies Inc.

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Northcore Technologies provides a Working Capital Engine(TM) that helps
organizations source, manage, appraise and sell their capital equipment.
Northcore offers its software solutions and support services to a growing
number of customers in a variety of sectors including financial services,
manufacturing, oil and gas and government.

Northcore owns 50 percent of GE Asset Manager, LLC, a joint business
venture with GE. Together, the companies work with leading organizations
around the world to help them liberate more capital value from their assets.

Additional information about Northcore can be obtained at
www.northcore.com.

About GEM Group

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Global Emerging Markets Group, www.gemgroup.ch was founded in
1991. GEM is a USD 3.4 billion Swiss-based investment group having completed
285 transactions in 60 countries. The firm is an alternative investment
group that manages a diverse set of investment vehicles across the world.
GEM's funds include: CITIC/GEM Fund; VC Bank/GEM Mena Fund; Kinderhook; GEM
Global Yield Fund; GEM India and Banco Pine/GEM Funds.

This news release may include comments that do not refer strictly to
historical results or actions and may be deemed to be forward-looking within
the meaning of the Safe Harbor provisions of the U.S. federal securities
laws. These include, among others, statements about expectations of future
revenues, cash flows, and cash requirements. Forward-looking statements are
subject to risks and uncertainties that may cause Northcore's results to
differ materially from expectations. These risks include the Company's
ability to raise additional funding, develop its business-to-business sales
and operations, develop appropriate strategic alliances and successful
development and implementation of technology, acceptance of the Company's
products and services, competitive factors, new products and technological
changes, and other such risks as the Company may identify and discuss from
time to time, including those risks disclosed in the Company's Form 20-F
filed with the Securities and Exchange Commission. Accordingly, there is no
certainty that the Company's plans will be achieved. Important factors that
could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time to time
with the Toronto Stock Exchange, on SEDAR (the System for Electronic Document
Analysis and Retrieval at www.sedar.com) and the US Securities and Exchange
Commission. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of the Company in any
jurisdiction.

For further information: Northcore Technologies Inc., Investor
Relations, Tel: +1-416-640-0400 ext. 273, Fax: +1-416-640-0412, E-mail:
InvestorRelations@northcore.com; Contact: Warren P. Baker, III -
wbaker@gemny.com / +1-212-582-3400

For further information: Northcore Technologies Inc., Investor Relations, Tel: +1-416-640-0400 ext. 273, Fax: +1-416-640-0412, E-mail: InvestorRelations at northcore.com; Contact: Warren P. Baker, III - wbaker at gemny.com / +1-212-582-3400