Genoil Inc.
TSX VENTURE : GNO
OTC Bulletin Board : GNOLF

Genoil Inc.

February 03, 2011 13:37 ET

Genoil Inc. Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 3, 2011) - Genoil Inc. (TSX VENTURE:GNO)(OTCBB:GNOLF) ("Genoil") is pleased to announce that it has closed a non-brokered private placement, pursuant to which it has issued an aggregate of 900,000 warrants exercisable at a price of $0.25 per unit to raise aggregate gross proceeds of $18,000. Each Share purchase warrant (each whole such Share purchase warrant a "Warrant") is exercisable for two years following the date of issue at an exercise price of $0.25.

The proceeds of the private placement will be added to corporate working capital.

The private placement is subject to the approval of the Toronto Stock Exchange (Venture). 

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

ADVISORY: Certain information regarding the Corporation, including management's assessment of future plans, operations or financing alternatives 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, ability to secure financing acceptable to the Corporation and the Corporation's ability to obtain new contracts and accurately estimate net revenues due to the 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 Exchange Commission.

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

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