Pioneering Technology Corp.

Pioneering Technology Corp.

November 24, 2006 08:00 ET

Pioneering Technology Inc. Announces Increased Financing

MISSISSAUGA, ONTARIO--(CCNMatthews - Nov. 24, 2006) -

Not for dissemination in the United States of America

PIONEERING TECHNOLOGY INC. (the "Corporation") (TSX VENTURE:PIO) announces that due to strong market interest it intends to increase its previously announced private placement of units (announced in a press release dated October 16, 2006) (the "Private Placement"). The Corporation now intends to sell up to 15,000,000 units at a price of $0.05 per unit for gross proceeds of $750,000 (the "Units"). Each Unit will consist 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 intends to use the proceeds from the Private Placement to launch its new Safe-T-element™ product, commercialization of existing products and as general working capital.

The Corporation has reserved a price of $0.05 per share for the up to 15,000,000 common shares to be issued pursuant to the Private Placement, and a price of $0.10 per share for up to 15,000,000 common shares to be issued upon exercise of the Warrants. The Private Placement is subject to regulatory approval. Directors, officers and employees of the Corporation may purchase Units pursuant to the Private Placement.

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