Micromem: Update

Toronto, Ontario and New York, New York--(Newsfile Corp. - March 3, 2017) - Micromem Technologies Inc. (CSE: MRM) (OTCQX: MMTIF) ("Micromem") ("the Company") closed the financing previously announced January 23, 2017. The Company raised $748,000 CDN at a price of $0.31 in the form of convertible debentures with a 1 year term and 1% interest. $2,800 in commission was paid by the Company on this financing. In addition, $155,018 CDN was raised by way of Private Placements at $0.25 CDN/$0.24 USD. Funds will be used for general working capital and/or repayment or extension of existing debentures. The Company also issued 120,976 common shares as payment for services rendered, at a price of $0.25 CDN per share. The shares issued are subject to resale restrictions under applicable securities laws.

About Micromem and MASTInc 

MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCQX: MMTIF) (CSE: MRM) company. MASTInc analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated magnetic sensor applications, MASTInc successfully powers the development and implementation of innovative solutions for oil & gas, utilities, automotive, healthcare, government, information technology, manufacturing, and other industries. Visit www.micromeminc.com www.mastinc.com.

Safe Harbor Statement

This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; continued consumer adoption of digital technology; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer and technological demands; inability to replace significant customers; seasonal nature of our business; and other risks detailed in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.

The CSE or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.

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Listing: NASD OTC-QX - Symbol: MMTIF
               CSE - Symbol: MRM
Shares issued: 204,316,902
SEC File No: 0-26005
Investor Contact: info@micromeminc.com; Tel. 416-364-2023
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