Micromem Closes Private Placement

Rhea-AI Summary

Micromem (OTCQB: MMTIF) closed a non-brokered private placement on October 10, 2025, raising gross proceeds of C$498,652.

The company issued 9,066,400 units at C$0.055 per unit; each unit includes one common share and one warrant exercisable at C$0.06 per share for one year. All securities are subject to a four-month hold period. No insiders participated and all subscribers are arm's length. Micromem said net proceeds will be used for working capital. Closing remains subject to certain conditions, including post-closing compliance with the Canadian Securities Exchange. Securities were not registered under the U.S. Securities Act and cannot be offered in the U.S. without registration or an exemption.

Positive

• Gross proceeds of C$498,652 raised
• Issued 9,066,400 units to strengthen cash runway
• No insiders participated; all subscribers are arm's length

Negative

• Issued 9,066,400 warrants exercisable at C$0.06, creating potential near-term dilution
• Warrants expire in one year, concentrating exercise risk in short timeframe
• Closing remains subject to CSE post-closing conditions

Toronto, Ontario and New York, New York--(Newsfile Corp. - October 10, 2025) - 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 30, 2025. Micromem raised gross proceeds of approximately C$498,652 by placing a total of 9,066,400 units at a price of C$0.055 per unit, each unit being comprised of one common share and one warrant exercisable at C$0.06 per share for a period of one year following the issuance date. A total of 9,066,400 common shares and 9,066,400 warrants were issued in this Private Placement, will all securities being subject to a four-month hold period. No insiders participated in this Private Placement and all subscribers are at arm's length.

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.

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: 616,090,414
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/270032

FAQ

How much did Micromem (MMTIF) raise in the October 10, 2025 private placement?

Micromem raised approximately C$498,652 in gross proceeds.

How many shares and warrants did Micromem issue in the private placement (MMTIF)?

Micromem issued 9,066,400 common shares and 9,066,400 warrants.

What are the warrant terms from Micromem's October 2025 private placement (MMTIF)?

Each warrant is exercisable at C$0.06 per share for a period of one year from issuance.

Will Micromem insiders have exposure from the private placement (MMTIF)?

No; the company stated that no insiders participated and all subscribers are arm's length.

How will Micromem use the proceeds from the private placement (MMTIF)?

Micromem intends to use the net proceeds for working capital.

Are the securities from Micromem's private placement registered for sale in the U.S. (MMTIF)?

No; the securities have not been registered under the U.S. Securities Act and may not be offered or sold in the U.S. without registration or an exemption.