Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 22

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 22
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       2019     
                                 $              $          $        
  Patent expenditures:           -              -          -        
  Patent costs capitalized:      -              -          -        
 ────────────────────────────────────────────────────────────────────
  Amortization expense:          -              8,123      152,962  
  Impairment Reserve:            -              -          223,143  

Share Capital

At October 31, 2024, the Company had 572,985,698 common shares outstanding (2023: 510,368,838 common shares outstanding). Additionally, the Company has 8,750,000 stock options outstanding with a weighted average exercise price of $0.06 per share (2023: 9,775,000 options outstanding with a weighted average exercise price of $0.06 per share).

Changes to Our Board of Directors and Management:

The Company held its most recent Annual General and Special Meeting of the shareholders for the fiscal years ending 2020, 2021, 2022 and 2023 on April 22, 2024 (the "Annual Meeting"). At the Annual Meeting, Joseph Fuda, Alex Dey and Oliver Nepomuceno were re-elected as directors. Joseph Fuda and Dan Amadori continue in their respective roles of CEO and CFO respectively.

We plan to schedule the next annual general meeting of shareholders to cover the 2024 fiscal years to be held prior to April 30, 2025. We will evaluate the opportunities to expand our Board of Directors at this upcoming annual general meeting of shareholders.

Equity Financing Transactions:

In the fiscal year ended October 31, 2024, the Company completed the following transactions:

(a)Pursuant to prospectus and registration exemptions set forth in applicable securities law, the Company completed private placements consisting of common shares, received net proceeds of $439,155 and issued a total of 24,478,227 common shares.

(b)The Company continued its bridge loan financing activities in 2024, specifically:

(i)It issued 36,805,300 common shares for the conversion of bridge loans totaling $716,674.

(ii)It realized net proceeds of $417,950 from the issuance of convertible debentures.

(iii)It repaid $287,460 of bridge loans previously secured.

(iv)Certain of the bridge loans that matured in 2024 were extended at maturity date, ultimately through October 31, 2024, and thereafter.

In