Micromem closes $498,652 private placement

Executive Summary

• Micromem Technologies Inc. closed a non‑brokered private placement, raising approximately $498,652 in gross proceeds.
• The offering consisted of 9,066,400 units at $0.055 per unit, each unit containing one common share and one warrant (exercisable at $0.06 per share for one year).
• Net proceeds are earmarked for working capital, with securities subject to a four‑month hold period and post‑closing CSE compliance requirements.

Key Details

• Units sold: 9,066,400 units (each = 1 common share + 1 warrant)
• Price per unit: $0.055
• Gross proceeds: ≈ $498,652
• Warrant terms: Exercisable at $0.06 per share for one year from issuance date
• Hold period: Four months on all securities issued in the placement
• Insider participation: None; all subscribers were arm’s‑length parties
• Use of proceeds: Working capital needs of Micromem Technologies
• Closing conditions: Subject to compliance with post‑closing requirements of the Canadian Securities Exchange (CSE)

Notable Quotes

(No direct quotes provided in the release.)