An anonymous director reports
MICROMEM CLOSES PRIVATE PLACEMENT
Micromem Technologies Inc. has closed its non-brokered private placement (the first private placement) previously announced in its news release issued on Dec. 5, 2023. Pursuant to the first private placement, Micromem issued a total of 1.9 million common shares at six cents per share raising gross proceeds of approximately $114,000 and a convertible debenture raising gross proceeds of approximately $109,900. The convertible debenture bears an interest rate of 1 per cent per month with a conversion option at seven cents per share and maturing in 12 months. In connection with the first private placement, Micromem paid a finder's fee of $3,780 in cash and issued 63,000 broker warrants exercisable for two years at 9.5 cents per share. Micromem raised an aggregate of approximately $223,900 in the first private placement.
In addition, Micromem is undertaking a second non-brokered private placement by placing a total of 500,000 common shares at 7.5 cents per share (with such shares being priced based on the closing price of the company's shares on Jan. 15, 2024) for aggregate gross proceeds of $37,500.
The total gross proceeds to be raised by Micromem in the private placements are equal to approximately $261,400.
Micromem intends to use the proceeds raised through the private placements for working capital, including paying outstanding debt. All securities to be issued pursuant to the private placements are subject to a four-month holding period. Closing of the private placements is subject to certain conditions and receipt of all necessary approvals, including compliance with the requirements of the Canadian Securities Exchange.
About Micromem Technologies Inc.
Micromem, 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.
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