Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 99

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 18
Chunk 99
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 October 31, 2024 (2023 -3,000,000, 2022 -niloptions issued).
Weighted average
Remaining
Date of issue Expiry date Number of options Exercise price contractual life
November 13, 2020 November 13, 2025 5,750,000 0.05 1.0
October 8, 2021 October 8, 2026 1,000,000 0.07 1.9
March 20, 2023 March 20, 2028 2,000,000 0.07 3.4
Outstanding at October 31, 2024 8,750,000 0.06 1.7
Of the total options outstanding,8,750,000are exercisable as at October 31, 2024 (2023 -9,525,000).
(d)Fair value of options issued during the year
The fair value of the stock options issued has been determined in accordance with the Black Scholes option-pricing model. Volatility was estimated using the historical volatility of the Company's stock prices for its common shares. The underlying assumptions are as follows:
2023 2022
Share price at grant date $ 0.07 - $ 0.12 $ 0.03 - $ 0.05
Exercise price $ 0.07 - $ 0.12 $ 0.07
Volatility factor 175% - 184% 212% - 272%
Risk free interest rate 2.79% - 3.58% 0.97% - 4.33%
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Expected life of options in years 1 - 5 1 - 2
Expected divided yield 0% 0%
Forfeiture rate 0% 0%
Weighted average Black Scholes value at grant date $ 0.06 - $ 0.08 $ 0.02 - $ 0.03
During the year ended October 31, 2024, the Company recorded an expense of $6,517related to the vesting of stock options (2023 - $217,965, 2022 - $41,484).

F-23

Micromem Technologies Inc.

Notes to Consolidated Financial Statements

For the years ended October 31, 2024, 2023, and 202