Pioneering Technology increases fundraise to $6.6mln

Energy smart and cooking fire prevention group Pioneering Technology Corp (CVE:PTE) says it has raised around $6.6mln following the trigger of an over-allotment option.

That’s an increase from last month when it  reported raising about $6.235mln after closing the financing with Echelon Wealth Partners Inc.

Now it said it issued a further 327,000 units to Echelon at $1.10 per unit for incremental gross proceeds of around $360,000.

Each unit consisted of one share and half a share purchase warrant.

As has been reported, the net proceeds will be used to repay debts, finance expansion, invest in product development, and sales and marketing, and for working capital.

Pioneering also told investors today that Dan MacDonald, chief operating officer, has been appointed president and acting chief financial officer, effective immediately.

Recently the firm’s fire prevention technology was further boosted as it struck a new distribution deal for the USA with Atlanta – based HD Supply Corp.

The program will result in HD Supply building awareness and growing sales for the group’s SmartBurner product in the US, it said.

And in recent weeks it 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.

Story by ProactiveInvestors