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Micromem Technologies Inc. Completes Private Placement

TORONTO New York Jan. 31 $0.20 $65,000 $0.22

The proceeds from the offering will be used for general working capital purposes and the shares will be subject to resale restrictions.

About Micromem Technologies Inc. and MASTInc:

MMTIF Toronto, Canada New York City

Safe Harbor Statement

This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company’s actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include, our inability to obtain additional financing on acceptable terms, risk that our products and services will not gain widespread market acceptance; continued consumer adoption of digital technology, inability to compete with others who provide comparable products, the failure of our technology, inability to respond to consumer and technological demands, inability to replace significant customers; seasonal nature of our business and other risks detailed in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.

NASD OTC-Bulletin Board – Symbol: MMTIF
: CNSX – Symbol: MRM
Shares issued: 97,524,511
SEC File No: 0-26005

SOURCE Micromem Technologies Inc.

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