GENOIL INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Calgary, Alberta, Canada — July 25, 2008 — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF) is pleased to announce that it has closed the second and final tranche of the private placement initially announced on July 9, 2008 (the “Offering”). Subsequent to the closing of the first tranche of the Offering, Genoil has issued an additional 1,593,422 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 additional gross proceeds of approximately U.S. $365,000. 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.