Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

May 06, 2009 19:00 ET

Genoil Inc. Announces Closing of Private Placement and Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - May 6, 2009) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB: GNOLF) announced today that it has closed the private placement initially announced on May 1, 2009. The Corporation has issued a total of 10,725,443 Units, at a price of U.S. $0.13 per unit, each unit consisting of one common share and one common share purchase warrants ("Warrants") for total gross proceeds of U.S. $ 1,394,308.26. These Warrants are exercisable until two years following their issue date at a price of U.S. $0.20. The common shares and Warrants issued in connection with this private placement are subject to a four-month hold period pursuant to the rules of the TSX Venture Exchange and Canadian securities legislation.

The securities 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.

This private placement is subject to receipt of all necessary regulatory and stock exchange approvals.

Genoil also reports that the board of directors of the Corporation has approved the grant of an aggregate 2,900,000 incentive stock options to officers and consultants to acquire up to an aggregate of 2,900,000 common shares of the Corporation as compensation.

Genoil's President has been granted 1,500,000 options pursuant to the Corporation's stock option plan for serving in such capacity for the upcoming year. Additionally, the new interim Chief Financial Officer has been granted 1,000,000 options as an incentive and for serving in such capacity for the upcoming year. The remaining 400,000 of such options have been granted to Consultants of the Corporation.

All of the 2,900,000 options were approved with an exercise price of $ 0.155, being the closing price of Genoil's shares on the TSX Venture Exchange on the date preceding the date of grant. All of the options approved have a term of five years from the date of grant and vest immediately, and are conditional upon the receipt of all necessary regulatory and stock exchange approvals.

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

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