USA (212) 688-8868 sales@genoil.net

GENOIL INC. ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Jul 9, 2008 | Press Release

GENOIL INC. ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
2008-07-09

 

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.

The Corporation is also pleased to announce that it intends to complete a second tranche of the Private Placement in order to accommodate additional subscribers.
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.
About Us
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 further information contact:
David Lifschultz
Chairman and CEO
(212) 688-8868
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ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.