An anonymous director reports

MICROMEM ANNOUNCES PROPOSED PRIVATE PLACEMENT

Micromem Technologies Inc. intends to proceed with a non-brokered private placement by placing common share units at a price of five cents per unit for a total of up to $250,000, subject to a 50-per-cent discretionary increase. As part of the private placement, the company is proposing to settle indebtedness of up to $150,000 through the issuance of units. Each unit is composed of one common share and one warrant exercisable at five cents per share for a period of three years. Micromem intends to use the proceeds raised through the private placement for working capital purposes. All securities to be issued pursuant to the private placement will be subject to a four-month hold period. The private placement remains subject to final regulatory approvals.

About Micromem Technologies Inc.

Micromem and its subsidiaries, a publicly traded company, analyze specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging the company's expertise and experience with sophisticated sensor applications, the company 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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