Micromem closes C$148,840 private placement, extends warrants

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has closed a non-brokered private placement, raising gross proceeds of approximately C$148,840, according to a press release dated September 16, 2026.

The company placed 5,953,600 units at C$0.025 per unit. Each unit consists of one common share and one warrant exercisable at C$0.05 per share for three years from the issuance date. All securities are subject to a four-month hold period. No insiders participated, and all subscribers are at arm's length.

Micromem said it intends to use the net proceeds for working capital. The closing remains subject to post-closing compliance requirements of the Canadian Securities Exchange (CSE).

Separately, the company announced an extension of 9,066,400 warrants originally issued in connection with a private placement completed October 8, 2025. Those warrants, exercisable at C$0.06 per share, were set to expire October 8, 2026. Following the extension, they will expire October 8, 2027. All other terms remain unchanged. None of the extended warrants are held by insiders. The extension is subject to CSE compliance requirements.

Micromem said it will notify each warrant holder of the extension but will not issue replacement warrant certificates. Original warrant certificates must be presented to exercise such warrants.

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