Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

June 22, 2010 06:00 ET

Genoil Inc. Announces Closing of Oversubscribed Private Placement

CALGARY, ALBERTA--(Marketwire - June 22, 2010) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) ("Genoil") is pleased to announce that it has closed a non-brokered private placement, pursuant to which it has issued an aggregate of 7,692,308 units at a price of US$0.13 per unit to raise aggregate gross proceeds of US$1 million. Each unit is comprised of one common share in the capital of Genoil (a "Share"), and one Share purchase warrant (a "Warrant") exercisable for two years following the date of issue at an exercise price of US$0.18. The terms of the other previously announced private placement on May 25th 2010 was not approved by the TSX Venture Exchange (the "TSX.V").

The common shares and warrants issued in connection with the private placement are subject to a statutory four month hold period. Participants in the private placement include long term shareholders, and affiliates of management.

The proceeds of the private placement will be added to corporate working capital and could support the manufacturing of Crystal Sea units for the Gulf of Mexico oil spill should Genoil get the orders whose discussions with BP are advancing. The proceeds will also help provide surety that the Company is in position to complete its Middle East marketing excursion, which should enable and promote testing of the Company's technologies in any resultant circumstances. 

The private placement has received the conditional approval of the TSX.V

The securities to be issued by the Corporation have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies. 

ADVISORY: Certain information regarding the Corporation, including management's assessment of future plans, operations or financing alternatives may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with an oil and gas technology development corporation, including competition from other technologies and the ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated. The Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, ability to secure financing acceptable to the Corporation and the Corporation's ability to obtain new contracts and accurately estimate net revenues due to the variability in size, scope and duration of projects, and internal issues. Further information on potential risk factors that could affect the company's financial results can be found in the company's disclosure materials filed on SEDAR at and with the Securities Exchange Commission.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the Polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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