Pioneering Technology Corp.

Pioneering Technology Corp.

December 27, 2006 07:00 ET

Pioneering Technology Inc. Announces Completion of Financing

MISSISSAUGA, ONTARIO--(CCNMatthews - Dec. 27, 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 completed. The Corporation has closed on the full 15,000,000 Units. 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 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