An anonymous director reports
MICROMEM PROVIDES UPDATE ON MEETING WITH CHEVRON
Micromem Technologies Inc. has closed its non-brokered private placement previously announced in its news release issued on Sept. 16, 2024. Micromem raised gross proceeds of approximately $354,973 by placing a total of 11,832,420 units at a price of three cents per unit, each unit being comprised one common share and one warrant exercisable at five cents per share for a period of three years following the issuance date. No insiders participated in this private placement and all subscribers are at arm's length. Micromem paid a finder's fee of approximately $5,611 in cash in connection with the private placement. All securities issued pursuant to the private placement are subject to a four-month hold period.
Micromem intends to use the proceeds raised through the private placement for working capital. 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 (CSE).
In addition, the company settled indebtedness (the debt settlement) with its legal counsel totalling $40,000 through the issuance of an aggregate of 1,333,333 units at a price of three cents per unit, each unit comprising one common share and one warrant exercisable at five cents per share for a period of three years following the issuance date. A total of 666,666 units issued in the debt settlement are not subject to a hold period with the balance of 666,667 units being subject to a four-month hold period.
In connection with the private placement and the debt settlement, Micromem has issued a total of 13,165,753 common shares and 13,165,753 warrants.
About Micromem Technologies Inc.
Micromem Technologies and its subsidiaries analyze 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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