Micromem arranges $400,000 private placement

Executive Summary

• Micromem Technologies Inc. announced a proposed non‑brokered private placement of common share units at $0.055 per unit, targeting up to $400,000 in gross proceeds (with a discretionary 50 % increase possible).
• Each unit includes one common share and one warrant exercisable at $0.06 per share for one year.
• Proceeds will be used for working capital and debt settlement; all securities are subject to a four‑month hold period and pending final regulatory approvals.

Key Details

• Placement Size: Up to $400,000 (subject to a 50 % discretionary increase).
• Unit Price: $0.055 per unit.
• Unit Composition: 1 common share + 1 warrant.
• Warrant Terms: Exercise price $0.06 per share; exercisable for one year from issuance.
• Use of Proceeds: Working capital and repayment of existing debt obligations.
• Hold Period: Four months on all securities issued in the private placement.
• Regulatory Condition: Placement remains subject to final regulatory approvals.

Notable Quotes

(No direct quotes were provided in the release.)