Micromem announces private placement to raise up to CAD $400,000

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) announced plans to proceed with a non-brokered private placement to raise up to CAD $400,000, subject to a 50% discretionary increase.

The company will offer common share units at CAD $0.055 per unit. Each unit includes one common share and one warrant exercisable at CAD $0.06 per share for one year.

Micromem stated it intends to use proceeds for working capital purposes and debt settlement. All securities issued will be subject to a four-month hold period, and the placement requires final regulatory approvals.

The Toronto-based technology company develops sensor applications for various industries including oil and gas, utilities, automotive, healthcare and manufacturing sectors. As of the announcement, Micromem has 607,024,014 shares issued.

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