An anonymous director reports

MICROMEM ANNOUNCES PRIVATE PLACEMENT

Micromem Technologies Inc. intends to proceed with a non-brokered private placement by issuing a total of 1,316,007 common shares at 6.5 cents per share pursuant to a price protection received on Feb. 26, 2024. The gross proceeds being raised in this private placement amount to approximately $85,540. 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, 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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