Genoil Inc. Announces Closing of Private Placement
February 03 2011 - 1:36PM
Marketwired
Genoil Inc. (TSX VENTURE: GNO)(OTCBB: GNOLF) ("Genoil") is pleased
to announce that it has closed a non-brokered private placement,
pursuant to which it has issued an aggregate of 900,000 warrants
exercisable at a price of $0.25 per unit to raise aggregate gross
proceeds of $18,000. Each Share purchase warrant (each whole such
Share purchase warrant a "Warrant") is exercisable for two years
following the date of issue at an exercise price of $0.25.
The proceeds of the private placement will be added to corporate
working capital.
The private placement is subject to the approval of the Toronto
Stock Exchange (Venture).
Genoil is an international engineering technology development
company based in Alberta, Canada that develops innovative
hydrocarbon, oil and water separation, and marine technologies.
ADVISORY: Certain information regarding the Corporation,
including management's assessment of future plans, operations or
financing alternatives may constitute forward-looking statements
under applicable securities law and necessarily involve risks
associated with an oil and gas technology development corporation,
including competition from other technologies and the ability to
access sufficient capital from internal and external sources. As a
consequence, actual results may differ materially from those
anticipated. The Corporation assumes no obligation to update the
forward-looking statements or to update the reasons why actual
results could differ from those contemplated by the forward-looking
statements. Additionally, statements included in this release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
involve a number of risks and uncertainties such as competitive
factors, technological development, market demand, ability to
secure financing acceptable to the Corporation and the
Corporation's ability to obtain new contracts and accurately
estimate net revenues due to the variability in size, scope and
duration of projects, and internal issues. Further information on
potential risk factors that could affect the company's financial
results can be found in the company's disclosure materials filed on
SEDAR at www.sedar.com and with the Securities Exchange
Commission.
The TSX Venture Exchange has neither approved nor disapproved of
the information contained herein.
Contacts: Genoil Inc. Tom Bugg President (403) 605-4022
www.genoil.net
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