Micromem closes $327,778 tranche of private placement

Executive Summary

• Micromem Technologies Inc. has closed a tranche of its non-brokered private placement, raising gross proceeds of approximately $327,778.
• The company issued 6,555,555 units at a price of $0.05 per unit, with each unit consisting of one common share and one warrant.
• The net proceeds are intended for working capital, and the company retains the discretion to close an additional tranche of up to $167,000.

Key Details

• Gross Proceeds: Approximately $327,778.
• Units Issued: 6,555,555 units.
• Price Per Unit: $0.05.
• Unit Composition: Each unit consists of one common share and one warrant.
• Warrant Terms: Exercisable at $0.06 per share for a period of one year following the issuance date.
• Total Securities Issued: 6,555,555 common shares and 6,555,555 warrants.
• Hold Period: All securities are subject to a four-month hold period.
• Insider Participation: No insiders participated; all subscribers are at arm's length.
• Use of Proceeds: Working capital.
• Future Tranche: Micromem may close an additional tranche of up to $167,000 at its sole discretion, as previously announced.
• Conditions: Closing is subject to compliance with post-closing requirements of the Canadian Securities Exchange.