Genoil Inc.

Genoil Inc.

October 02, 2012 13:38 ET

Genoil Announces Increase in Private Placement

CALGARY, ALBERTA--(Marketwire - Oct. 2, 2012) - On September 18, 2012, Genoil Inc. (OTCBB:GNOLF) (TSX VENTURE:GNO) ("Genoil" or the "Corporation") announced plans to raise up to $966,000 through a non-brokered private placement of up to 13,800,000 Units, at a price of $0.07 per Unit. 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 securities to be issued in connection with this offering are subject to a hold period. The issue has been over-subscribed and the Corporation has adjusted its intention to now raise up to $1,050,000 through a non-brokered private placement of up to 15,000,000 Units, pursuant to identical terms of the initial advice.

Proceeds from the private placement will be used for general working capital purposes and repayment of debt. The private placement is subject to the approval of the TSX Venture Exchange.

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.

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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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