Pioneering Technology Corp.
TSX VENTURE : PIO

Pioneering Technology Corp.

September 04, 2007 11:20 ET

Pioneering Technology Inc. Announces Proposed Financing and Amendment to the June 2007 Warrants

MISSISSAUGA, ONTARIO--(Marketwire - Sept. 4, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

PIONEERING TECHNOLOGY INC. (the "Corporation") (TSX VENTURE:PIO) announces that it intends to complete a private placement of up to 10,000,000 units at a price of $0.065 per unit (the "Private Placement"). Each unit (the "Units") 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 fund production to meet increasing demand for their Safe-T-element™ product and for working capital.

The Private Placement is subject to regulatory approval. Directors, officers and employees of the Corporation may purchase Units pursuant to the Private Placement, including Mr. G. Scott Paterson, a Director, who has indicated a desire to purchase Units, directly or indirectly.

In addition, the Corporation has made application to the TSX Venture Exchange to re-price the exercise price of the 1,720,000 warrants issued in the financing of June 12, 2007 from $0.15 to $0.10 per share and to extend the term from June 12, 2008 to June 12, 2009.

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 of Corporation
    (905) 712-2061