Micromem Closes Private Placement

Rhea-AI Summary

Micromem Technologies (OTCQB: MMTIF) closed a non-brokered private placement, raising approximately C$235,000. The company issued 9,400,000 units at C$0.025 per unit, each with one common share and a two-year warrant exercisable at C$0.05. No insiders participated; proceeds will fund working capital.

AI-generated analysis. Not financial advice.

Positive

• Approximately C$235,000 gross proceeds raised via private placement
• Issuance of 9,400,000 warrants may provide additional future capital at C$0.05
• Proceeds earmarked for working capital, supporting ongoing operations
• All subscribers are arm's length, indicating external investor interest

Negative

• Issuance of 9,400,000 new shares increases share count and dilutes existing holders
• Additional 9,400,000 warrants could lead to further dilution if exercised
• Closing remains subject to post-closing CSE requirements, adding conditionality

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Toronto, Ontario and New York, New York--(Newsfile Corp. - June 18, 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 June 9, 2026. Micromem raised gross proceeds of approximately C$235,000 by placing a total of 9,400,000 units at a price of C$0.025 per unit, each unit being comprised of one common share and one warrant exercisable at C$0.05 per share for a period of two years following the issuance date. A total of 9,400,000 common shares and 9,400,000 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: 649,099,645
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/302102

FAQ

What are the key terms of Micromem (OTCQB: MMTIF) June 18, 2026 private placement?

Micromem completed a non-brokered private placement raising about C$235,000. According to Micromem, it sold 9,400,000 units at C$0.025, each unit including one common share and one two-year warrant exercisable at C$0.05 per share.

How many shares and warrants were issued in Micromem MMTIF’s June 2026 private placement?

Micromem issued 9,400,000 common shares and 9,400,000 warrants in the placement. According to Micromem, every unit contained one share and one warrant, with all securities subject to a four-month hold period under applicable securities laws.

What will Micromem (MMTIF) use the C$235,000 private placement proceeds for?

Micromem plans to use the net proceeds for working capital. According to Micromem, the approximately C$235,000 raised in the non-brokered private placement is earmarked to support general corporate and operational funding needs.

Did insiders participate in Micromem’s June 2026 private placement of MMTIF shares?

No, insiders did not participate in this financing. According to Micromem, all 9,400,000 units were subscribed for by arm's length investors, meaning subscribers are independent third parties with no insider status at the company.

What are the warrant terms in Micromem (OTCQB: MMTIF) June 2026 private placement?

Each unit includes one warrant exercisable at C$0.05 per share for two years. According to Micromem, a total of 9,400,000 warrants were issued, potentially providing additional capital if exercised within the specified two-year period.

Are Micromem MMTIF private placement securities registered under the U.S. Securities Act?

No, the securities are not registered under the U.S. Securities Act of 1933. According to Micromem, they may not be offered or sold in the United States unless an exemption from registration or full compliance with U.S. registration requirements applies.

What conditions still apply to Micromem’s June 2026 private placement on the CSE?

Closing remains subject to certain post-closing requirements of the Canadian Securities Exchange. According to Micromem, the completed non-brokered private placement must still comply with applicable CSE conditions even after the announced closing.