08:45 AM EST, 01/07/2025 (MT Newswires) -- Micromem Technologies ( MMTIF ) on Tuesday said it closed its previously announced non-brokered private placement raising about &255,000 by placing a total of 5.1 million units at $0.05 apiece.

The company said each unit comprised of one common share and one warrant exercisable at $0.05 per share for a three-year period following the issuance date. Micromem ( MMTIF ) intends to use proceeds for working capital.

The company also settled outstanding indebtedness under certain debentures totaling $150,000 through the issuance of an aggregate of 3 million units at $0.05 per unit, each unit being comprised of one common share and one warrant exercisable at $0.05 per share for a three-year period following the issuance date.

All securities issued pursuant to the private placement are subject to a four-month hold period, the company added.

Shares of the company closed up $0.005 or 10%, to $0.055 on Monday on the Canadian Securities Exchange.