Toronto, Ontario and New York, New York--(Newsfile Corp. - May 20, 2022) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ("Micromem" or the "Company") announces the closing of its private placement (the "Private Placement") of common shares and convertible debentures for aggregate gross proceeds of CDN$282,000. The Company has placed a total of 1,800,000 common shares at CDN$0.05 per share raising gross proceeds of CDN $90,000. In addition, Micromem has placed three convertible debentures raising gross proceeds of CDN$192,000, with each debenture bearing an interest rate of twelve percent (12%) per annum compounded daily, with a conversion option at $0.05 per share and maturing in 12 months The Issuer intends to use the Private Placement proceeds for general working capital. All securities issued pursuant to the Private Placement are subject to a four-month holding period. The Private Placement remains subject to final regulatory approvals.