An anonymous director reports

MICROMEM ANNOUNCES PRIVATE PLACEMENT

Micromem Technologies Inc. has arranged a proposed private placement of common shares and convertible debenture(s) for aggregate gross proceeds of $194,000. It is anticipated that the company will place a total of 625,000 common shares at eight cents per share for gross proceeds of $50,000 and convertible debenture(s) for gross proceeds of $144,000, bearing an interest rate of 12 per cent per annum compounded daily, with a conversion option at 10 cents per share and maturing in 12 months. The issuer intends to use the private placement proceeds for general working capital and repayment of debt. All securities to be issued pursuant to the private placement will be subject to a four-month holding period. The private placement remains subject to final regulatory approvals.

About Micromem Technologies Inc.

Micromem Technologies and its subsidiaries, a publicly traded 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 and gas, utilities, automotive, health care, government, information technology, manufacturing, and other industries.

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