MISSISSAUGA, ONTARIO--(Marketwired - April 20, 2017) -


Pioneering Technology Corp. ("Pioneering" or the "Company") (TSX VENTURE:PTE), a technology company and North America's leader in cooking fire prevention technologies and products, announced today the issuance of an additional 327,000 units of the Company ("Units") at a price of $1.10 per Unit ("Issue Price"), for incremental gross proceeds of approximately $360,000 (the" Over-Allotment Offering"). Each Unit is comprised of one common share in the capital of the Company ("Common Share") and one half of one Common Share purchase warrant, (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $1.80 for a period of 24 months following closing of the Over-Allotment Offering, provided that if, at any time after 12 months following the closing date of the Over-Allotment Offering, the volume weighted average trading price of the Common Shares on the TSXV over any 15 consecutive trading day period is at least $2.50, the Company will have the right to accelerate the expiry date of the Warrants to a date that is 15 calendar days after the date on which the Company issues a press release announcing the accelerated expiry date.

The Over-Allotment Offering was pursuant to the exercise of an over-allotment option granted by the Company to Echelon Wealth Partners Inc. (the "Underwriter") in connection with the Company's recent private placement bought deal offering of 5,668,631 Units for $6.235 million, which closed on March 22, 2017 (the "Offering"). The Over-Allotment Offering increases the total gross proceeds of the Offering and Over-Allotment Offering to approximately $6.6 million.

The Underwriter received (i) a cash commission equal to 7.0% of the gross proceeds raised in the Over-Allotment Offering, and (ii) non-transferrable broker warrants ("Broker Warrants") equal to 7.0% of the aggregate number of Units issued pursuant to the Over-Allotment Offering. Each Broker Warrant shall be exercisable into one Unit at the Issue Price for a period of 24 months following closing of the Over-Allotment Offering.

The Units were sold on a private placement basis pursuant to "accredited investor" exemptions under National Instrument 45-106. The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

The Company is also pleased to announce that Dan MacDonald, Chief Operating Officer of the Company, has been appointed President & Acting Chief Financial Officer of the Company, effective immediately.

About Pioneering Technology Corp

Pioneering, based in Mississauga, Ontario is an "energy smart" technology company and North America's leader in innovative cooking fire prevention technologies. Pioneering engineers and brings to market energy-smart solutions for everyday consumer appliances making them safer, smarter, and more efficient. The company's patented technologies/products address a multi-billion-dollar problem - cooking fires. According to the National Fire Protection Association, stovetop cooking is the number one cause of household fire and fire injuries in North America (48% of all household fires - up from 20% in 1980). Pioneering's temperature limiting control (TLC) technology is now installed in approximately 200,000 multi-residential housing units across North America without a single cooking fire being reported and delivering a return on investment for its customers. Pioneering has proprietary cooking fire prevention solutions, including its trademarked Safe-T-element, SmartBurner, RangeMinder & Safe-T-sensor, for the majority of the more than 140 million stoves/ranges and over 140 million microwave ovens throughout North America. For more information, go to www.pioneeringtech.com.

Forward Looking Statements

The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in Pioneering's target markets, the demand for Pioneering's products, the availability of funding and the efficacy of Pioneering's technology and governmental regulation. These forward-looking statements are made as of the date hereof an, except as required by applicable law, Pioneering does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Pioneering's expectations and projections.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Pioneering Technology Corp.
Kevin Callahan
Chief Executive Officer
(905) 712-2061 ext. 222