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Pioneering Technology Corp brings in $6.235mln as it closes Echelon financing
Energy smart and cooking fire prevention group Pioneering Technology Corp (CVE:PTE) has brought in about $6.235mln gross after it closed an oversubscribed financing with Echelon Wealth Partners Inc.
The company issued, including part of the over-allotment option, more than 5.6mln units at $1.10 per unit.
Each unit consisted of one share and half a share purchase warrant.
As reported previously, the net proceeds will be used to repay debts, finance expansion, invest in product development, and sales and marketing, and for working capital.
Earlier this month, the group revealed that the Ontario Housing Services Corp (HSC) was to encourage social housing operators to install its cooking fire prevention products.
The HSC will offer an annual discount of 4% on property insurance premiums to Ontario social housing operators that fit out their dwellings with Pioneer’s SmartBurner or Safe-T kit.
HSC delivers services to more than 100,000 housing units in Ontario that help operators improve building efficiency and reduce utility costs.
Shares fell 3.6% to $1.07.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175245/pioneering-technology-corp-brings-in-6235mln-as-it-closes-echelon-financing-175245.html
