GENOIL INC. ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
Calgary, Alberta, Canada – July 9, 2008 – Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF.OB) is pleased to announce that it has closed the first tranche of a private placement (the “Private Placement”), whereby the Corporation has issued 9,561,710 units (the “Units”), at a price of U.S. $0.23 per Unit, each Unit consisting of one common share and 0.25 common share purchase warrants (“Warrants”) for total gross proceeds of approximately U.S. $2,200,000. The Warrants are exercisable until two years following their issue date at a price of U.S. $0.29. The common shares 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.
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.