Micromem Announces Proposed Private Placement to Raise Up to $380,000 for Working Capital and Debt Settlement.

Micromem Technologies plans to raise up to $380,000 through a non-brokered private placement, selling common share units at $0.06 each. The proceeds will be used for working capital and debt settlement. All securities issued will be subject to a four-month hold period. The placement remains subject to final regulatory approvals.

Micromem Technologies, a technology company focused on advanced materials and critical process development, has announced plans to raise up to $380,000 through a non-brokered private placement. The company will be selling common share units at $0.06 each, with the proceeds intended for working capital and debt settlement. The securities issued through this placement will be subject to a four-month hold period and are pending final regulatory approvals [1].

The non-brokered private placement is a strategic move for Micromem Technologies to bolster its financial foundation and capitalize on larger opportunities. The company has been active in developing innovative materials and processes essential for achieving net-zero goals. These initiatives include becoming a green, low-cost manufacturer of Fumed Silica using proprietary technology and working with R&D partners to produce silicon-based anode materials for battery applications [2].

The announcement follows a trend in the industry where technology companies are increasingly turning to private placements to raise capital. This approach allows for greater control over the process and can be more efficient than traditional public offerings. Micromem Technologies joins other companies like HPQ Silicon Inc. and Winshear Gold in utilizing this financing method to fund their ongoing projects and general corporate purposes [3].

The private placement highlights include:
- Proceeds: Up to $380,000
- Unit Price: $0.06 per unit
- Hold Period: Four months

The company expects insiders to participate in the offering, potentially exceeding 25% of the total units, similar to the participation seen in other recent private placements [1]. The President and CEO of Micromem Technologies commented, "This small financing will provide the necessary foundation to capitalize on the larger opportunities we are currently advancing."

References:
[1] https://finance.yahoo.com/news/hpq-announces-non-broker-private-190000528.html
[2] https://finance.yahoo.com/news/axcap-shareholders-agree-voluntary-lockup-113000288.html
[3] https://seekingalpha.com/news/4453369-winshear-gold-announces-500000-private-placement