/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TORONTO, June 4 /CNW/ - PIONEERING TECHNOLOGY CORP. (the "Corporation")
(TSX VENTURE: PTE) announces the conversion of the remaining $200,000 of its
loan financing (the "Loan") from McAllister Holdings Ltd. (the "Lender")
originally announced on May 1, 2008. The purpose and business reason for the
Loan was to assist the Corporation with general working capital. At a Special
Meeting of Shareholders on May 8th, 2009 the following was approved.
(a) $100,000 be converted ten days after the Special Meeting into Common
Shares on the basis of the 10-day volume weighted average price of
the Common Shares on TSX Venture. On May 18th that amount was
calculated to be at a price of $0.086769 per share for net proceeds
of 1,152,485 common shares in the capital of the Corporation.
(b) It was further agreed that the final $100,000 will be converted
(subject to exchange approval) into Common Shares on the basis of
the previous 10-day volume weighted average price of the Common
Shares on TSX Venture on August 18, 2009, with a minimum conversion
price of $0.05 per share and a maximum conversion price of $0.20 per
As additional consideration for the conversion of the Loan, as well as
for agreeing to cancel the required interest payments effective October 31st,
2008, shareholders of the Corporation agreed to issue to the Lender 1,000,000
Series A share purchase warrants, each exercisable to purchase one Common
Share for a period of one (1) year at a price of $0.10 per share, and
1,000,000 Series B share purchase warrants, each exercisable to purchase one
Common Share for a period of one (1) year at a price of $0.15 per share. All
of the above is subject to the approval of the TSX Venture Exchange.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
For further information:
For further information: Kevin R. Callahan, the President and CEO of
Corporation, at (905) 712-2061