Pioneering Technology Corp. Announces Closing of First Tranche of $1.5 Million Non-Brokered Private Placement

About this update from Pioneering Technology Corp.

[{"type":"text","content":"Pioneering Technology Corp. Announces Closing of First Tranche of $1.5 Million Non-Brokered Private PlacementMISSISSAUGA, ON / ACCESSWIRE / March 15, 2016 / Pioneering Technology Corp. (TSXV: PTE) (the \"Company\") is pleased to announce that it has closed the first of two tranches of the non-brokered private placement financing announced on March 1, 2016, for gross proceeds of up to $1.5 million (the \"Private Placement\").\nPursuant to the first tranche of the Private Placement, the Company issued a total of 6,680,000 units (each, a \"Unit\"), at a price of $0.125 per Unit, for gross proceeds of $835,000. 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 $0.25 per Common Share until September 14, 2017. \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 July 15, 2016. \nAn insider of the Company participated in the Private Placement. Subscriptions from 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.\nThe second tranche of the Private Placement is fully subscribed and expected to close shortly. \nFor further information contact: Kevin Callahan, President & CEO at (905) 712-2061 ext. 222. \nThe TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and\naccuracy of this release.\n(Not for dissemination in the United States of America)\nSOURCE: Pioneering Technology Corp.","length":2350,"tagName":"div"}]

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