Funding Increase of $505000 for Micromem

Micromem Technologies Inc. is pleased to announce that it has raised approximately $505,000 by way of arms length and non-arms length private placements at $0.45 per share. The shares issued will be subject to Rule 144. This private placement was subscribed for on October 9, 2007 and was further ratified by the Board of Directors meeting held on Thursday, October 11, 2007. In addition to advancing Micromem’s technology with Global Communications Semiconductor, Inc., these funds are being used to retire the previously announced bridge loan.

With respect to the company’s previously announced financing efforts, management will continue to pursue this opportunity and intends on closing the entire amount in the near future.