An anonymous director reports

MICROMEM CLOSES PRIVATE PLACEMENT

Micromem Technologies Inc. has closed its non-brokered private placement previously announced in its news release issued on June 18, 2024. Micromem raised gross proceeds of approximately $267,894 by placing a total of 8,929,800 common shares at three cents per share and a total of 8,929,800 warrants exercisable at five cents per share for a period of three years following the issuance date. In connection with the private placement, Micromem paid a finder's fee of approximately $5,520 in cash and issued 184,000 broker warrants exercisable for three years at five cents per share.

Micromem intends to use the proceeds raised through the private placement for working capital. All securities issued pursuant to the private placement are subject to a four-month holding period. Closing of the private placement is subject to certain conditions and receipt of all necessary approvals, including compliance with the requirements of the Canadian Securities Exchange.

About Micromem Technologies Inc.

Micromem 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.

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