Micromem plans private placement to raise up to CAD $160,000

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) announced a proposed non-brokered private placement of common share units priced at CAD $0.025 per unit, with a total raise of up to CAD $160,000, subject to a 50% discretionary increase.

Each unit consists of one common share and one warrant exercisable at CAD $0.05 per share for a three-year period. The company said proceeds will be used for working capital and debt settlement.

All securities issued under the placement will be subject to a four-month hold period. The transaction remains subject to final regulatory approvals, according to the press release.

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