Pioneering Technology Corp.
TSX VENTURE : PIO

Pioneering Technology Corp.

June 13, 2007 09:30 ET

Pioneering Technology Inc. Announces Partial Completion of Financing

MISSISSAUGA, ONTARIO--(Marketwire - June 13, 2007) -

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 6,000,000 units at a price of $0.10 per unit for gross proceeds of $600,000 (the "Units") has been partially completed. The Corporation has sold 3,440,000 Units and expects to close the balance of the Private Placement next week. Each Unit consisted of one common share and one-half of one share purchase warrant (the "Warrants"), with each Warrant entitling the holder thereof to purchase one common share at a price of $0.15 per share for a period of one year. The Corporation has paid a commission to certain introducing parties by the issuance of 100,000 Units which is equivalent to 5% of the number of Units sold by such introducing parties and a $2,000 finders fee. Both the common shares and Warrants are subject to a hold period of 4 months.

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