An anonymous director reports

MICROMEM DEBENTURE CONVERSION

Micromem Technologies Inc. has amended the price of the convertible unsecured debenture totalling $700,759 from the original conversion price of 21 U.S. cents to the amended conversion price equal to the previous day's closing price of 15.5 cents. Immediately following the amendment of the exercise price, the debentures will convert into a total of 4,521,026 common shares of the company. None of the debentures described in this announcement are held by insiders of the company, nor will the issuance of common shares create any new insiders or control persons of the company.

About Micromem Technologies Inc. and Micromem Applied Sensor Technologies Inc.

Micromem Applied Sensor is a wholly owned United States-based subsidiary of Micromem Technologies, a publicly traded company. MASTInc analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs.

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