Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

February 03, 2010 19:07 ET

Genoil Inc. Announces Closing of Private Placement and Shares for Debt Transaction

CALGARY, ALBERTA--(Marketwire - Feb. 3, 2010) - Genoil Inc. (the "Corporation") (TSX VENTURE:GNO) (OTCBB:GNOLF) is pleased to announce that it has closed a private placement, whereby it issued a total of 4,712,305 Units, at a price of U.S. $0.13 per Unit, each Unit consisting of one common share and one common share purchase warrants (the "Warrants") for gross proceeds of approximately U.S. $612,600. The Warrants are exercisable until 24 months following their issue date at a price of U.S. $0.20. The common shares and Warrants issued in connection with this offering are subject to a four-month hold period.

Genoil has also completed a shares for debt transaction to satisfy amounts outstanding to certain lenders (the "Creditors") of the Corporation. Common shares and common share purchase warrants ("Creditor Warrants") were issued pursuant to debt cancellation agreements between the Corporation and the Creditors, whereby each of the Creditors agreed to forgive and cancel debts currently owing to such Creditor by the Corporation. The total debt owing to the Creditors which has been cancelled is an aggregate amount of U.S.$85,896.09, which amounts have been cancelled in exchange for issuance of an aggregate of 649,258 common shares and 37,314 Creditor Warrants. The Creditor Warrants are exercisable until 24 months following their issue date at a price of U.S. $0.20. The common shares and Creditor Warrants issued to the Creditors are subject to a four-month hold period.

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 for the oil and gas and commercial marine industries. Genoil's shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB.

For more information on Genoil Inc. visit

ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Genoil Inc.
    David Lifschultz
    Chairman and CEO
    (212) 688-8868 or (914) 393-5800