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 six cents per unit for a total of up to $380,000, subject to a 50-per-cent discretionary increase. Each unit comprises one common share and one warrant exercisable at seven cents per share for a period of three years. Micromem intends to use the proceeds raised through the private placement for working capital purposes and debt settlement. 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 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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