An anonymous director reports

MICROMEM CLOSES PRIVATE PLACEMENT

Micromem Technologies Inc. has closed its non-brokered private placement previously announced in its news releases issued on Dec. 13 and Dec. 27, 2024. Micromem raised gross proceeds of approximately $255,000 by placing a total of 5.1 million units at a price of five cents per unit, with 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.

Micromem intends to use the proceeds raised through the private placement for working capital. In addition, the company settled outstanding indebtedness under certain debentures totalling $150,000 through the issuance of an aggregate of three million units at a price of five cents per unit, with 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.

In connection with the private placement and the debt settlement, Micromem has issued a total of 8.1 million common shares and 8.1 million warrants. No insiders participated in the private placement and the debt settlement, and all participants are at arm's length. All securities issued pursuant to the private placement are subject to a four-month hold period. The closing of the private placement is subject to certain conditions and the receipt of all necessary approvals, including compliance with the requirements of the Canadian Securities Exchange (CSE).

About Micromem Technologies Inc.

Micromem Technologies 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 the oil and gas, utilities, automotive, health care, government, information technology, and manufacturing industries.

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