Micromem announces private placement and stock option grants

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) announced plans for a non-brokered private placement to raise up to CAD $330,000, with the possibility of a 50% discretionary increase, according to a company statement.

The private placement involves selling common share units at CAD $0.05 per unit. Each unit includes one common share and one warrant exercisable at CAD $0.06 per share for one year. The company stated it intends to use proceeds for working capital and debt settlement.

Securities issued through the private placement will be subject to a four-month hold period and require final regulatory approvals.

The company also announced the grant of 5.9 million stock options to directors, officers and employees. The options vest immediately and are exercisable for five years at CAD $0.05 per share, expiring December 31, 2030. These options replace previously expired options from November 2025.

The option grants fall under Micromem's 2020 Stock Option Plan, which received shareholder approval in 2020. The grants require compliance with Canadian Securities Exchange requirements.

Micromem operates as a technology company that develops sensor applications for various industries including oil and gas, utilities, automotive, healthcare and manufacturing. The company has 616,090,014 shares issued.

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