Micromem Closes Private Placement

Executive Summary

• Micromem Technologies Inc. closed a non‑brokered private placement, raising approximately C$498,652.
• The offering consisted of 9,066,400 units at C$0.055 per unit; each unit included one common share and one warrant exercisable at C$0.06 per share for one year.
• Net proceeds are earmarked for working capital, subject to a four‑month hold period on the securities.

Key Details

• Gross proceeds: ~C$498,652.
• Units sold: 9,066,400 units (each unit = 1 common share + 1 warrant).
• Price per unit: C$0.055.
• Warrant terms: Exercise price C$0.06 per share; exercisable 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.
• Regulatory compliance: Closing subject to post‑closing requirements of the Canadian Securities Exchange (CSE).
• U.S. securities law disclaimer: Units and warrants not registered under the U.S. Securities Act; sales in the United States limited to exemptions or registration.

Notable Quotes

(No executive quotes were included in the release.)