Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 97

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 18
Chunk 97
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 option pricing model. See note 12. A loss on debt settlement in the amount of $118,784was recognized in the statement of operations and comprehensive loss.

During the year ended October 31, 2022, $22,460of accounts payable was settled in exchange for413,674common shares. There was no gain or loss recognized upon settlement.

(viii)In 2023, the Company completed 26 private placements with investors consisting of common shares with no warrants, pursuant to prospectus and registration exemptions set forth in applicable securities law. The Company received net proceeds of $509,939and issued a total of9,864,500common shares.

(ix)In 2022, the Company completed 9 private placements with investors consisting of common shares with no warrants, pursuant to prospectus and registration exemptions set forth in applicable securities law. The Company received net proceeds of $181,997and issued a total of5,012,450common shares.

14. Warrants

The following summarizes the broker warrants acitivty for the year ended October 31, 2024:

Number of Grant date Fair Weighted average
warrants value exercise price
Outstanding at October 31, 2022 and 2023 - - -
───────────────────────────────────────────────────────────────────────────────────────────────────────────
Broker warrants issued (note 13 (b), (i, iv)) 247,000 3,909 0.04
Outstanding at October 31, 2024 247,000 3,909 0.04

The Company uses the Black-Scholes pricing model to estimate fair value. Expected volatility has been based on an evaluation of the historical volatility of the Company's share price. The risk-free interest rate for the life of the warrants was based on the yield available on government benchmark bonds with an approximate equivalent remaining term at the time of issue. The life of the warrant is based on the contractual term.

At Grant Date July 18, 2024 December 22, 2023
────────────────────────────────────────────────────────────────────────────────────────────────
Share price $ 0.01 $ 0.07
($ 0.02 CAD) ($ 0.095 CAD)
Exercise price $ 0.04 $ 0.07
($ 0.05 CAD) ($ 0.095 CAD)
Volatility factor (based on historical volatility) 153% 146%
Risk free interest rate 3.83% 4