Micromem raises C$498,652 in private placement financing

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) completed a private placement that raised gross proceeds of approximately C$498,652, according to a company statement.

The Toronto-based company placed 9,066,400 units at C$0.055 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 private placement issued a total of 9,066,400 common shares and 9,066,400 warrants, with all securities subject to a four-month hold period. No company insiders participated in the financing, and all subscribers were at arm's length to 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 company had previously announced the private placement on September 30, 2025. Micromem develops sensor applications for industries including oil and gas, utilities, automotive, healthcare, government, information technology, and manufacturing.

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