Mississauga, Ontario--(Newsfile Corp. - April 18, 2016) - Pioneering Technology Corp. (the "Company") (TSXV: PTE) is pleased to announce that it has secured a new long term financing agreement of up to $1,750,000 (the "Loan") from Roynat Capital Inc. (the "Lender"). The Loan will be used to repay indebtedness, fund inventory purchases and for general working capital purposes. All indebtedness owing to McAllister Holdings Ltd. has now been repaid in full.
The Loan is repayable over a period starting in March 2017 and ending in February 2021 and is secured by a debenture providing a charge on the Company's assets subject to Pioneering's operating lender's security requirements.
Pioneering CEO Kevin Callahan said of the announcement "We are pleased with this new arrangement with RoyNat. This long term agreement coupled with our recent private placement enables us to clean up our balance sheet, invest in inventory and position the company for long term growth while minimizing shareholder dilution."
The Company also announces that that it has granted an aggregate of 1,845,000 stock options to directors and officers of the Company (approved March 31 and April 4). The stock options are exercisable into common shares of the Company for a period of five years at a price of $0.22 per share. These options have been granted pursuant to the Company's Stock Option Plan, some of which are subject to vesting requirements.
For further information contact: Kevin Callahan, President & CEO at (905) 712-2061 ext. 222.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.