Micromen Tech - MMTIF STOCK NEWS

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has submitted a white paper to Chevron titled 'Sensors for Water Contamination Monitoring in Oil Wells and Flood Zones.' The report, authored by Professor Harry E. Ruda from the University of Toronto, details innovative sensor technology for monitoring water contamination.

The white paper explores existing technologies for measuring contamination in water and atmosphere, particularly in flood zones, and proposes solutions for wastewater contamination monitoring. The technology integrates sensors with Artificial Intelligence (AI) and Machine Learning (ML) capabilities to enhance monitoring precision.

The company is currently evaluating drone-based applications equipped with sensors as an early practical use case. Micromem anticipates generating potential revenues from this initiative starting in summer 2025.

Micromem Technologies (CSE: MRM, OTCQB: MMTIF) has completed a non-brokered private placement, raising C$255,000 through the issuance of 5,100,000 units at C$0.05 per unit. Each unit consists of one common share and one warrant, exercisable at C$0.05 for three years.

Additionally, the company settled outstanding debenture debt of C$150,000 by issuing 3,000,000 units under the same terms. The combined transactions resulted in the issuance of 8,100,000 common shares and 8,100,000 warrants. No insiders participated in either transaction.

The proceeds will be used for working capital. All securities are subject to a four-month hold period and final closing is pending CSE approval.

Micromem Technologies announces the arrival of its ARTRA unit in Toronto for field trials in the natural gas industry. The unit will serve as the foundation for a second configuration: a well-mounted, fully automated unit specifically designed for gas wells. The company's contracted engineer will modify and implement an automated sampler system, previously designed by Chevron, enabling precise fluid sampling and tracer testing capabilities.

Before shipping to its European client for inspection and certification, the company will conduct demonstrations for engineers representing potential clients. Following the review, Micromem expects to announce a timeline for subsequent phases.

Micromem Technologies announces its ARTRA unit is ready for field trials in the natural gas industry. The unit is being transported to Toronto for review before European certification by the client. The company is developing a second configuration - a well-mounted automated unit for gas wells. Market potential includes over 12,000 gas wells in Europe and potentially 100,000+ wells globally. The next development phase involves integrating an automated sampler with the ARTRA unit, with installation projected for Q1 2025.

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has announced an update on its ARTRA unit for field testing. The company's contracted engineering affiliate has informed that the unit will be ready for shipment during the week of October 14th. This marks a significant milestone as it is the first ARTRA field unit prepared for a client other than Chevron.

Additionally, Micromem has secured access to an engineering patent for an automated sampler system previously filed by Chevron. The company is now set to begin work on a 'Configuration 2' device, which will be a well-mounted system capable of automated well sample collection in real-time for natural gas wells. Once completed, this new device is expected to provide new marketing opportunities for the company.

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has announced an update following a meeting with Chevron representatives in Houston on September 25th. The company has secured access to Chevron's automated sampler system for tracer testing, which is important for Micromem's ARTRA device in well-mounted systems. Notably, Micromem will not pay any fees for using the system, and any intellectual property generated will remain with the company.

Chevron will introduce Micromem to the system's designer, allowing for potential modifications for use with third parties. This access is expected to save Micromem significant time and expenses in developing sampler systems for future projects. In return, Micromem will provide modified sampler designs to Chevron for their testing and potential future use.

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has closed a non-brokered private placement, raising gross proceeds of approximately C$354,973 by issuing 11,832,420 units at C$0.03 per unit. Each unit consists of one common share and one warrant exercisable at C$0.05 for three years. The company paid a finder's fee of about $5,611 in cash. Additionally, Micromem settled indebtedness of C$40,000 with its legal counsel by issuing 1,333,333 units at C$0.03 per unit. In total, the company issued 13,165,753 common shares and 13,165,753 warrants. The proceeds will be used for working capital, and the closing is subject to certain conditions and approvals.

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has confirmed a meeting with Chevron scheduled for September 25, 2024. The meeting will take place at Chevron's offices in Houston. The primary objective of this meeting is to discuss the current status of their project and develop future strategies. This announcement suggests ongoing collaboration between Micromem and Chevron, potentially indicating progress or developments in their joint venture.

Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) has successfully closed its previously announced non-brokered private placement, raising gross proceeds of approximately C$267,894. The company issued 8,929,800 common shares at C$0.03 per share and an equal number of warrants exercisable at C$0.05 per share for a three-year period. A finder's fee of about $5,520 in cash and 184,000 broker warrants was paid in connection with the placement. The proceeds are intended for working capital purposes. All securities issued are subject to a four-month holding period, and the closing is contingent on certain conditions and regulatory approvals.