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

Genoil Inc.

March 03, 2008 14:00 ET

Genoil Inc. Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - March 3, 2008) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) (the "Corporation") is pleased to announce that it has closed the private placement initially announced on February 27, 2008 (the "Offering"). The Corporation has issued a total of 378,787 Units, at a price of U.S. $0.66 per Unit, each Unit consisting of one common share and 0.25 common share purchase warrants ("Warrants") for gross proceeds of U.S. $250,000. The Warrants are exercisable until 5 years following their issue date at a price of U.S. $0.99. The common shares and Warrants issued in connection with this Offering are subject to a four-month hold period.

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 the oil and gas and commercial marine industries. Genoil's shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB.

About Genoil

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

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

Contact Information

  • Genoil Inc.
    David Lifschultz
    Chairman and CEO
    (914) 834-7794 or (914) 393-5800
    Website: www.genoil.net