Micromem arranges financing, grants options

Executive Summary

• Micromem Technologies Inc. announced a proposed non-brokered private placement of common share units at $0.05 per unit, raising up to $330,000 (with a 50% discretionary increase option), for working capital and debt settlement.
• The company granted 5.9 million stock options to directors, officers, and employees to replace options that expired in November 2025, with immediate vesting and an exercise price of $0.05 per share.

Key Details

• Private Placement Structure: Non-brokered private placement of common share units.
• Price: $0.05 per unit.
• Total Proceeds: Up to $330,000, subject to a 50% discretionary increase.
• 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.
• Use of Proceeds: Working capital purposes and debt settlement.
• Hold Period: All securities issued are subject to a four-month hold period.
• Regulatory Status: Subject to final regulatory approvals.
• Option Grant Quantity: 5.9 million options.
• Option Exercise Price: $0.05 per share.
• Option Vesting: All options vested immediately.
• Option Expiration: December 31, 2030 (unless exercised earlier).
• Option Term: Five years from grant.
• Reason for Grant: Replacement for options that expired in November 2025.
• Recipients: Directors, officers, and employees.
• Plan Basis: Granted under the fixed 2020 stock option plan, approved by shareholders in 2020.
• Compliance: Subject to Canadian Securities Exchange requirements.