Micromem Announces Private Placement Closing

Core Viewpoint - Micromem Technologies Inc. has successfully closed a tranche of its non-brokered private placement, raising approximately C$327,778 through the issuance of 6,555,555 units at a price of C$0.05 per unit, with each unit consisting of one common share and one warrant [1][2]. Group 1: Private Placement Details - The private placement involved the issuance of 6,555,555 common shares and 6,555,555 warrants, with warrants exercisable at C$0.06 per share for one year [1]. - All securities issued in the private placement are subject to a four-month hold period, and no insiders participated in this transaction [1]. - Micromem may close an additional tranche of up to C$167,000 at its discretion [1]. Group 2: Use of Proceeds - The net proceeds from the private placement will be utilized for working capital purposes [2]. Group 3: Company Overview - Micromem Technologies Inc. focuses on analyzing specific industry sectors to create innovative applications that address unmet market needs, leveraging expertise in sophisticated sensor applications [4]. - The company operates in various industries, including oil & gas, utilities, automotive, healthcare, government, information technology, and manufacturing [4].