Micromem Closes Private Placement, Extends Warrants
Micromem raises C$148,840 via a unit financing and adds one year to 9,066,400 existing warrants, extending potential future share issuance.
Rhea-AI Summary
Micromem Technologies (MMTIF) closed a non-brokered private placement on September 16, 2026, raising gross proceeds of approximately C$148,840 through 5,953,600 units priced at C$0.025 each.
Each unit consists of one common share and one warrant exercisable at C$0.05 per share for three years, resulting in 5,953,600 new shares and 5,953,600 warrants, all subject to a four‑month hold period. No insiders participated and all subscribers are at arm’s length. Net proceeds are intended for working capital, and completion remains subject to post-closing Canadian Securities Exchange requirements.
The company is also extending 9,066,400 existing C$0.06 warrants by one year, moving their expiry to October 8, 2027, with all other terms unchanged and no insider holdings affected.
Positive
- Gross proceeds raised of approximately C$148,840 from the private placement
- Issuance of 5,953,600 new warrants at C$0.05 may provide future capital if exercised
- Extension of 9,066,400 warrants at C$0.06 preserves potential additional funding until October 8, 2027
Negative
- Private placement issues 5,953,600 new common shares, increasing share count
- Warrant extension keeps 9,066,400 warrants outstanding for an extra year, prolonging potential dilution
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario and New York, New York--(Newsfile Corp. - September 16, 2026) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ("Micromem" or the "Company") announces closing of its non-brokered private placement (the "Private Placement") previously announced in its news release issued on September 4, 2026. Micromem raised gross proceeds of approximately C
Micromem intends to use the net proceeds raised through the Private Placement for working capital. Closing of the Private Placement is subject to certain conditions, including compliance with post-closing requirements of the Canadian Securities Exchange (CSE).
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
The Company also announces that a total of 9,066,400 warrants exercisable at C
About Micromem.
Micromem Technologies Inc. and its subsidiaries, a publicly traded (OTCQB: MMTIF) (CSE: MRM), company analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the Company successfully powers the development and implementation of innovative solutions for oil & gas, utilities, automotive, healthcare, government, information technology, manufacturing and other industries. Visit www.micromeminc.com.
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; continued consumer adoption of digital technology; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer and technological demands; inability to replace significant customers; seasonal nature of our business; and other risks detailed in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The CSE or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.
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Listing: OTCQB - Symbol: MMTIF
CSE - Symbol: MRM
Shares issued: 663,635,591
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023 Subscribe to receive News Releases by Email on our website's home page. www.micromeminc.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314643
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How are the units in Micromem’s private placement structured?
Each of the 5,953,600 units was sold at C$0.025 and consists of one common share and one warrant. Each warrant is exercisable at C$0.05 per share for a period of three years following the issuance date.
What restrictions apply to the securities issued in the private placement?
All 5,953,600 common shares and 5,953,600 warrants issued in the private placement are subject to a four‑month hold period. In addition, the securities have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in compliance with applicable registration requirements or exemptions.
Who participated in the Micromem private placement?
No insiders participated in the private placement, and all subscribers are described as at arm’s length to Micromem.
What are the terms of the extended Micromem warrants?
The company is extending 9,066,400 warrants that are exercisable at C$0.06 per share. These warrants were originally issued on October 8, 2025 with a one‑year term and were due to expire on October 8, 2026. After the extension, they will expire on October 8, 2027. All other terms remain unchanged, and no warrants being extended are held by insiders.
How can holders exercise the extended Micromem warrants?
Micromem will notify each warrant holder of the extension but will not issue replacement warrant certificates. Holders must present their original warrant certificates to the company in order to effect the exercise of such warrants.
What will Micromem use the private placement proceeds for?
Micromem intends to use the net proceeds from the private placement for working capital.
Are there any conditions to the closing of the placement and the warrant extension?
Completion of the private placement and the warrant term extension is subject to compliance with Canadian Securities Exchange requirements, including post‑closing requirements for the placement and applicable requirements for the warrant extension.