Pioneering Technology Corp. Announces Closing of $750,000 Non-Brokered Private Placement

About this update from Pioneering Technology Corp.

[{"type":"text","content":"\nPioneering Technology Corp. Announces Closing of $750,000 Non-Brokered Private Placement\n\n(via Thenewswire.ca)\n \n \nMississauga, ON - January 28, 2013 - Pioneering Technology Corp. (the \"Company\") (TSXV: PTE) is pleased to announce that it has completed the non-brokered private placement financing announced on December 14, 2012 for gross proceeds of $750,000 (the \"Private Placement\"). The proceeds of the Private Placement will be used by the Company for working capital and to fund final stage development and launch of new products. \n\n \n \nPursuant to the Private Placement, the Company issued a total of 7,500,000 units (each, a \"Unit\"), at a price of $0.10 per Unit. Each Unit consists of one common share of the Company (each, a \"Common Share\") along with one-half of one Common Share purchase warrant (each, a \"Warrant\"). Each whole Warrant may be exercised for one additional Common Share at a price of $0.15 per Common Share until January 28, 2015. No commissions or finder's fees were paid in connection with the Private Placement.\n\n \n \nThe Units were issued pursuant to exemptions from prospectus requirements of applicable securities legislation. Securities issued pursuant to the Private Placement are subject to a hold period that expires on May 29, 2013. \n\n \n \nCertain insiders of the Company participated in the Private Placement. Subscriptions from such insiders are considered to be related party transactions within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 (\"MI 61-101\"). The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.\n\n \n \nMcAllister Holdings Ltd., a company controlled by David Dueck, a director of the Company, purchased 2,500,000 Units in the Private Placement. After giving effect to this subscription, Mr. Dueck owns or controls, directly or indirectly, a total of 8,662,127 Common Shares, representing approximately 33% of the Company's 26,133,155 issued and outstanding Common Shares, together with options and warrants to acquire an additional 1,390,000 Common Shares. \n\n \n \n##\n\n \n \nAbout Pioneering Technology Corp: Pioneering, based in Mississauga, Ontario is an \"Energy Smart\" product innovation/consumer ...

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