Genoil Inc.
TSX VENTURE : GNO
OTCBB : GNOLF

Genoil Inc.

April 20, 2012 09:00 ET

Genoil Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - April 20, 2012) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) announces that it has closed a private placement, whereby the corporation has issued 6,732,898 units, at a price of Cdn $0.09 per unit, each unit consisting of one common share and one common share purchase warrant for total gross proceeds of $605,960. The warrants are exercisable until five years following their issue ddate at a price of Cdn $0.10. The common shares and warrants are subject to a four-month hold period pursuant to the rules of the TSX Venture Exchange and Canadian securities legislation.

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 www.Genoil.ca.

ADVISORY: Certain information regarding the company, including management's assessment of future plans, strategic partnerships, operations, financing outcomes and the ability to negotiate a definitive agreement on terms acceptable to both parties 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, and the company's ability to obtain new contracts and accurately estimate net revenues due to 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 www.sedar.com 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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