Genoil Inc.

Genoil Inc.

October 05, 2012 16:05 ET

Genoil Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2012) - Genoil Inc. ("Genoil" or the "Corporation") (TSX VENTURE:GNO) (OTCBB:GNOLF) is pleased to announce that it has closed a non-brokered private placement, pursuant to which it has issued an aggregate of 15,158,821 Units at a price of $0.07 per unit to raise aggregate gross proceeds of $1,061,117.54. Each Unit consists of one common share and one common share purchase warrant exercisable at a price of $0.10 per share for 60 months, following closing of the private placement. The common shares and warrants issued in connection with the private placement are subject to a statutory four month hold period, expiring on February 4, 2013.

Proceeds from the private placement will be used for general working capital purposes and repayment of debt. The proceeds raised were slightly greater than the amount previously announced due to exchange rate adjustments.

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 more information on Genoil Inc. visit

ADVISORY: Certain information regarding the Corporation, including the closing of the proposed private placement may constitute forward-looking statements under applicable securities law and necessarily involve risks that events and actual results may differ from those anticipated and what has been described herein. 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. Further information on potential risk factors that could affect the Corporation's financial results can be found in the Corporation's disclosure materials filed on SEDAR at and with the Securities and Exchange Commission.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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