Pioneering Technology Corp.

Pioneering Technology Corp.

October 16, 2006 13:52 ET

Pioneering Technology Inc. Announces Proposed Financing

MISSISSAUGA, ONTARIO--(CCNMatthews - Oct. 16, 2006) -

(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 $0.05 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 launch its new Safe-T-element™ product, commercialization of exisitng products and as general working capital.

The Corporation has reserved a price of $0.05 per share for the up to 10,000,000 common shares to be issued pursuant to the Private Placement and a price of $0.10 per share for up to 10,000,000 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