An anonymous director reports

MICROMEM ANNOUNCES PROPOSED PRIVATE PLACEMENT AND OPTION GRANT

Micromem Technologies Inc. intends to proceed with a non-brokered private placement by placing common share units at a price of five cents per unit for a total of up to $330,000, subject to a 50-per-cent discretionary increase. Each unit comprises one common share and one warrant exercisable at six cents per share for a period of one year. Micromem intends to use the proceeds raised through the private placement for working capital purposes and debt settlement. All securities to be issued pursuant to the private placement will be subject to a four-month hold period. The private placement remains subject to final regulatory approvals.

The company also announces the grant of 5.9 million options to purchase common shares of the company subject to the terms and conditions of Micromem's fixed 2020 stock option plan, which was approved by the shareholders of the company in 2020. All options vested immediately, are exercisable for five years at an exercise price of five cents per share and will expire on Dec. 31, 2030 (unless exercised earlier). These options have been granted to directors, officers and employees in replacement of options that expired in November, 2025. The grant of options is subject to compliance with Canadian Securities Exchange requirements.

About Micromem Technologies Inc.

Micromem Technologies is a publicly traded company that 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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