Genoil Inc. Announces Private Placement
Wednesday February 27, 7:00 pm ET
CALGARY, ALBERTA--(MARKET WIRE)--Feb 27, 2008 -- Genoil Inc. (CDNX:GNO.V - News) (OTC BB:GNOLF.OB - News) (the "Corporation") is pleased to announce its intention to conduct a private placement for total gross proceeds of up to U.S. $2,000,000, whereby the Corporation will issue Units at a price of U.S. $0.66 per Unit, each Unit consisting of one common share and 0.25 common share purchase warrants ("Warrants"). The Warrants are exercisable until five years following their issue date at a price of U.S. $0.99. 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. Completion of the private placement remains subject to receipt of all necessary approvals, including that of the TSX Venture Exchange.
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