Pioneering Technology Corp.

Pioneering Technology Corp.

November 29, 2006 23:15 ET

Pioneering Technology Inc. Announces Completion of Financing Allocation and Grant of Stock Options

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) -

(Not for dissemination in the United States of America)

PIONEERING TECHNOLOGY INC. (the "Corporation") (TSX VENTURE:PIO) announces that its previously announced private placement (the "Private Placement") of up to 15,000,000 units at a price of $0.05 per unit for gross proceeds of $750,000 (the "Units") has been allocated. The Corporation has closed on 11,800,000 Units and expects to close the balance of the Private Placement this week. Each Unit 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 Corporation also announces it has granted stock options to purchase up to 4,846,643 common shares at a price of $0.10 per share which was the closing price of the common shares yesterday and a 100% premium to the pricing of the Private Placement. The stock options were granted to directors, officers, employees and consultants of the Corporation.

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
    Pioneering Technology Inc.
    David Speck
    Investor Relations
    (416) 368-8464