/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
MISSISSAUGA, ON, Nov. 6 /CNW/ - Pioneering Technology Corp. (the "Corporation") (TSX-V: PTE) announced today that it intends to satisfy certain amounts owing to its directors and officers through the issuance of common shares as follows:
- In recognition of the significant efforts of certain members of
senior management over the past 12 months and the Corporation's
achievements during that period, the Board of Directors has awarded
discretionary bonuses in the aggregate amount of $125,000 to senior
management. These amounts will be satisfied by the issuance of
925,925 common shares at a deemed price of $0.135 per share.
- Fees for prior services owing to certain non-management directors in
the aggregate amount of $36,500 will be satisfied by the issuance of
270,370 common shares at a deemed price of $0.135 per share.
- Fees for prior professional services owing to an arm's length third
party in the aggregate amount of $10,000 will be satisfied by the
issuance of 55,555 common shares at a deemed price of $0.18 per
In addition, the Corporation currently owes Kevin R. Callahan, President and CEO of the Corporation, $50,000 in accrued and unpaid salary for the period January 1, 2009 to September 30, 2009. The Corporation intends to satisfy this obligation by issuing to Mr. Callahan an unsecured convertible promissory note. The promissory note will bear interest at the rate of 6% per annum and be payable on November 6, 2010. The promissory note will also be convertible, at the option of Mr. Callahan, into an aggregate of 370,370 common shares at a conversion price of $0.135 per share.
These transactions are subject to approval by 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.
SOURCE PIONEERING TECHNOLOGY CORP.
For further information: For further information: Kevin R. Callahan, the President and CEO of Corporation, at (905) 712-2061 x222