Micromem arranges $400,000 private placement

An anonymous director reports MICROMEM ANNOUNCES PROPOSED PRIVATE PLACEMENT Micromem Technologies Inc. intends to proceed with a non-brokered private placement by placing common share units at a price of 5.5 cents per unit for a total of up to $400,000, subject to a 50-per-cent discretionary increase. Each unit comprises one common share and one warrant, exercisable at six cents per share for a period of one year. Micromem intends to use the proceeds raised through the private placement for working capital purposes and debt settlement. All securities to be issued pursuant to the private placement will be subject to a four-month hold period. The private placement remains subject to final regulatory approvals. About Micromem Technologies Inc. Micromem Technologies and its subsidiaries, a publicly traded company, analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the company successfully powers the development and implementation of innovative solutions for oil and gas, utilities, automotive, health care, government, information technology, manufacturing, and other industries. We seek Safe Harbor.