Micromem raises C$327,778 through private placement offering

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

The Toronto-based technology 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 issuance.

The private placement issued a total of 6,555,555 common shares and 6,555,555 warrants, with all securities subject to a four-month hold period. No company insiders participated in the offering, and all subscribers are at arm's length from the company.

Micromem stated it intends to use the net proceeds for working capital purposes. The closing remains subject to compliance with post-closing requirements of the Canadian Securities Exchange.

The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold within the United States except in compliance with registration requirements or pursuant to applicable exemptions.

Micromem develops sensor applications and technology solutions for various industries including oil and gas, utilities, automotive, healthcare, government, information technology and manufacturing sectors.

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