An anonymous director reports

MICROMEM ANNOUNCES PROPOSED PRIVATE PLACEMENT

Micromem Technologies Inc. intends to proceed with a non-brokered private placement by issuing common shares at seven cents per share and/or convertible debenture(s), bearing an interest rate of 12 per cent per annum compounded daily, with a conversion option at eight cents per share and maturing in 12 months. The gross proceeds to be raised in this private placement would be up to $150,000 provided that the company may decide in its sole discretion to increase the size of the offering by up to 50 per cent. Micromem intends to use the proceeds raised through the private placement for working capital, including paying outstanding 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, a publicly traded company, and its subsidiaries analyze 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.