Pioneering Technology Corp.
TSX VENTURE : PIO

Pioneering Technology Corp.

November 05, 2007 18:04 ET

Pioneering Technology Inc. Announces Completion of Financing

MISSISSAUGA, ONTARIO--(Marketwire - Nov. 5, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

PIONEERING TECHNOLOGY INC. (the "Corporation") (TSX VENTURE:PIO) announces that it closed the final tranche of its previously announced private placement (the "Private Placement") on November 2, 2007. The Corporation closed on 2,200,000 Units (as defined herein) for gross proceeds to the Corporation of $143,000. The total amount of the Private Placement, including the first tranche which closed on September 25, 2007, includes 10,000,000 Units at a price of $0.065 per unit for gross proceeds of $650,000. Each Unit (the "Units") consisted of one common share and one share purchase warrant (the "Warrants"), with each Warrant entitling the holder thereof to purchase one common share at a price of $0.10 per share for a period of two years.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Pioneering Technology Inc.
    Kevin R. Callahan
    President and CEO
    (905) 712-2061