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TORONTO/NEW YORK - Micromem Technologies Inc. (CSE:MRM) (OTCQB:MMTIF), a micro-cap technology company with a market capitalization of $23.4 million and currently showing weak financial health according to InvestingPro metrics, announced today it has closed its previously announced non-brokered private placement, raising gross proceeds of approximately C$498,652.
The company issued 9,066,400 units priced at C$0.055 per unit. Each unit consists of one common share and one warrant exercisable at C$0.06 per share for a one-year period following issuance. The offering comes as the stock trades near $0.04, down about 45% over the past year, with significant price volatility noted by InvestingPro analysts.
All securities issued through this private placement are subject to a four-month hold period. No company insiders participated, and all subscribers were at arm’s length, according to the company’s statement.
Micromem intends to use the net proceeds for working capital purposes, which appears crucial given the company’s current ratio of 0.05 indicates significant liquidity challenges. The closing remains subject to certain conditions, including compliance with post-closing requirements of the Canadian Securities Exchange.
The company, which develops sensor applications for various industries including oil and gas, utilities, automotive, and healthcare, made the announcement following its initial disclosure of the private placement on September 30. Get deeper insights into Micromem’s financial health and access additional analysis with InvestingPro, which offers 6 key investment tips for this stock.
The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold within the United States except in compliance with applicable registration requirements or exemptions, based on the press release statement.
In other recent news, Micromem Technologies Inc. announced its intention to conduct a non-brokered private placement to raise up to CAD $400,000. The offering involves common share units priced at CAD $0.055 per unit, with the possibility of a 50% increase at the company’s discretion. Each unit includes one common share and one warrant, which is exercisable at CAD $0.06 per share for one year. The proceeds from this private placement are intended for working capital and debt settlement. These developments indicate the company’s efforts to strengthen its financial position. The announcement highlights Micromem’s strategic move to address its financial needs. Investors may find the details of this offering relevant as it reflects the company’s current financial strategies.
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