Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

August 22, 2011 06:00 ET

Genoil Inc. Announces Shares for Debt Application

CALGARY, ALBERTA--(Marketwire - Aug. 22, 2011) - Genoil Inc. (TSX VENTURE:GNO)(OTCBB:GNOLF) agrees to file a shares for debt application with the TSX Venture Exchange to satisfy amounts outstanding to creditors including consultants, employees and professional services firms (the "Creditors"). These shares are being issued pursuant to debt cancellation agreement between Genoil and the Creditors (the "Agreement"), whereby the Creditors have agreed to forgive and cancel all debts currently owing to them by the Corporation, being U.S. $690,000 in exchange for common shares of the Corporation. The shares to be issued in satisfaction of this debt will be based on a price per share of C$0.10, such price being the closing price on the TSX Venture Exchange on August 16, 2011. The Agreement for Creditors of $300,000 includes common shares at a price of C$0.10 a share and one Warrant exercisable into one Common Share at a price of $0.11 per Common Share at anytime prior to August 31, 2016. The Creditors of the remaining $400,000 will not receive warrants. This transaction is conditional upon the receipt of all necessary regulatory and stock exchange approvals.

The terms of the Agreement and the payment of this debt to the Creditors were approved by the Board of Directors of the Corporation.

Genoil Inc. 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
    (212) 688-8868