An anonymous director reports

MICROMEM ANNOUNCES PRIVATE PLACEMENT CLOSING

Micromem Technologies Inc. has closed a tranche of its non-brokered private placement previously announced in its news release issued on Dec. 31, 2025. Micromem raised gross proceeds of approximately $327,778 by placing a total of 6,555,555 units at a price of five cents per unit, each unit being composed of one common share and one warrant exercisable at six cents per share for a period of one year following the issuance date. A total of 6,555,555 common shares and 6,555,555 warrants were issued in this private placement, with all securities being subject to a four-month hold period. No insiders participated in this private placement, and all subscribers are at arm's length. As announced in the Dec. 31, 2025, news release, Micromem may close, in its sole discretion, an additional tranche of up to $167,000.

Micromem intends to use the net proceeds raised through the private placement for working capital. Closing of the private placement is subject to certain conditions, including compliance with postclosing requirements of the Canadian Securities Exchange.

About Micromem Technologies Inc.

Micromem and its subsidiaries, a publicly traded company, 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 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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