Micromem closes private placement raising C$327,778

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) announced the closing of a tranche of its non-brokered private placement, raising gross proceeds of approximately C$327,778.

The company placed 6,555,555 units at C$0.05 per unit. Each unit consists of one common share and one warrant exercisable at C$0.06 per share for one year following the issuance date. The placement resulted in the issuance of 6,555,555 common shares and 6,555,555 warrants.

All securities are subject to a four-month hold period. No insiders participated in the private placement and all subscribers are at arm's length to the company, according to the press release.

Micromem intends to use the net proceeds for working capital. The company previously announced on December 31, 2025 that it may close an additional tranche of up to C$167,000 at its discretion.

The closing remains subject to compliance with post-closing requirements of the Canadian Securities Exchange.

Micromem Technologies and its subsidiaries develop sensor applications and solutions for various industries including oil and gas, utilities, automotive, healthcare, government, information technology and manufacturing.

You May Also Be Interested In

• Smith Micro files two SEC registration statements for existing securities
• Nu-Med Plus acquires Avid Gold, targets Canadian gold properties
• Columbus Circle Capital Corp. III closes $230M IPO on Nasdaq