FORM 7 MONTHLY PROGRESS REPORT
Name of CNSX Issuer: Micromem Technologies Inc. (the “Issuer”).
Trading Symbol: MRM
Number of Outstanding Listed Securities: 246,100,742
[Date: September 10, 2018
This Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each month. This report is not intended to replace the Issuer’s obligation to separately report material information forthwith upon the information becoming known to management or to post the forms required by the CNSX Policies. If material information became known and was reported during the preceding month to which this report relates, this report should refer to the material information, the news release date and the posting date on the CNSX.ca website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management activities that occurred during the preceding month. Do not discuss goals or future plans unless they have crystallized to the point that they are "material information" as defined in the CNSX Policies. The discussion in this report must be factual, balanced and non-promotional.
General Instructions
(a) Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be altered nor should questions be omitted or left unanswered. The answers to the items must be in narrative form. State when the answer to any item is negative or not applicable to the Issuer. The title to each item must precede the answer.
(b) The term “Issuer” includes the Issuer and any of its subsidiaries.
(c) Terms used and not defined in this form are defined or interpreted in Policy 1 – Interpretation and General Provisions.
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact.
The Issuer continued to pursue discussions with existing and potential strategic partners for the use of its sensor technology and to promote the practical advantages of this technology in multiple industry sectors.
The Company has been in contact with Chevron and our engineering team charged with this work, and the project is proceeding as scheduled.
The Company is in current discussion with Repsol and our engineering team charged with this work with respect to the proposed deliverables under the agreement previously executed with Repsol.[color=red][/color]
FORM 7 – MONTHLY PROGRESS REPORT
June 2012
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The Company has engaged June Ressler, CEO of Cenergy International to provide access, as required, to service related personnel in all areas of expertise in the oil & gas sector; Carmine Pizzuro, President of InspecTech Analgas Group Inc., to work and interface directly with Micromem’s key subcontractors; and, Robert Zittrer, a business consultant with 40 years of experience in accounting and financial services, to advise and consult with the Company’s Chief Financial Officer on all financial reporting matters, and to assist the Company’s board of directors in strategic planning.
2. Provide a general overview and discussion of the activities of management.
The Company was also involved in (a) supporting projects that it has previously announced, (b) the continuation of certain sales and marketing efforts for the commercial oil and gas tracer detection product, to customers outside of its JDA with the existing oil and gas partner and, (c) on-going management of and dealing with our governance processes and regulatory requirements.
3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.
The Company continues to evaluate development opportunities with prospective clients.
4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.
No products or services were discontinued.
5. Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.
The Company has entered into consulting agreements with several parties as noted in point 1 above.
6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s affiliates or third parties or cancellation of any financing arrangements that have been previously announced.
No contracts or agreements expired or were terminated or cancelled.
7. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.
The Company did not acquire nor dispose of any assets during the period.
8. Describe the acquisition of new customers or loss of customers.
The Company continues to develop the scope of its activities particularly with its
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June 2012
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existing client in the oil sector. The Company continues to evaluate new potential opportunities in other sectors.
9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.
The Company continues to evaluate all of its pending patent applications and the decision to continue with the prosecution of such patent applications on a case by case basis.
10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.
Mr. Steven Van Fleet, who served as President of MAST Inc., submitted his resignation on August 17, 2018. The Board of Directors have accepted his resignation. As noted in point 1 above, the Company has added several consultants to assist it on a go forward basis.
11. Report on any labour disputes and resolutions of those disputes if applicable.
No such developments have occurred during the period. The Company reports accrued wages payable to certain of the management team and continues to address these obligations.
12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.
The Company has been in contact with Mr. Van Fleet and with Brian Von Herzen, a director of the Company, with respect to go forward initiatives that the Company continues to pursue.
13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.
The Company issued a convertible debenture totaling $50,000 CDN with an interest rate of 1% per month, calculated daily, maturing February 17, 2019, convertible at $0.10 CDN per share respectively.
The Company issued a convertible debenture totaling $50,000 USD with an interest rate of 1% per month, calculated daily, maturing February 17, 2019, convertible at $0.07 USD per share respectively.
The Company issued 1,655,567 shares to repay a total of $35,000 USD of debentures
