NEW YORK, NEW YORK--(Marketwired - March 21, 2014) - Genoil Inc. ("Genoil" or the "Corporation") (OTCBB:GNOLF) (GNOLF) announces that it has closed a non-brokered United States private placement, pursuant to which the Corporation issued 3,042,668 common shares, at a price of Cdn $0.015 per share for total gross proceeds of $45,650.00. The common shares issued in connection with the private placement are subject to hold periods pursuant to relevant holding periods. In connection with the shares issued for this private placement the company issued 3,042,668 warrants at a strike price of .05.
Genoil is pleased to announce that it has settled $316,500 in debt for 21,100,000 common shares at a price of $0.015 USD per share as part of shares for debt settlement agreements with various parties for consulting services performed. The shares issued in connection with the settlement of this debt are subject to United States hold period from their date of issuance. 6,000,000 of these common shares were issued to an insider of Genoil.
Genoil also reports that the board of directors of the Corporation has approved stock options pursuant to Genoil's stock option plan as an incentive and as consideration for employees, directors and consultants to acquire up to an aggregate of 13,800,000 common shares of the Corporation. Of the options to be granted, 7,000,000 are to directors and officers, with the remaining grants to employees and consultants. All of the 13,800,000 options were approved with an exercise price of $0.015. 4,000,000 million of this option total does not vest immediately but over a period of time.