Micromem Closes Private Placement

Executive Summary

• Micromem Technologies Inc. closed a non‑brokered private placement, raising approximately C$327,778 in gross proceeds.
• The offering consisted of 6,555,555 units at C$0.05 per unit; each unit included one common share and one warrant exercisable at C$0.06 per share for one year.
• All securities are subject to a four‑month hold period, and the net proceeds will be used for working capital.

Key Details

• Units sold: 6,555,555 units @ C$0.05 each → Gross proceeds: ~C$327,778.
• Composition of each unit: 1 common share + 1 warrant (exercise price C$0.06 per share).
• Warrant term: Exercisable for one year from the issuance date.
• Hold period: Four months on all securities issued in the private placement.
• Subscribers: All at arm’s length; no insiders participated.
• Use of proceeds: Working capital.
• Closing conditions: Subject to compliance with post‑closing requirements of the Canadian Securities Exchange (CSE).
• Regulatory notice: Securities not registered under U.S. securities laws; cannot be offered or sold in the United States except pursuant to exemptions.

Notable Quotes

(No executive quotes were included in the release.)