Oxford, MS 4/6/2011 (Penny PayDay) -- Genoil (OTC:GNOLF) announced today, in a press release, that it has closed a non-brokered private placement, pursuant to which it has issued an aggregate of 1,575,000 units at a price of $0.20 per unit to raise aggregate gross proceeds of $315,000. Shares of Genoil closed up 2.5% at $0.21 per share on volume of 276,700 shares compared to its average daily volume of 230,467 shares. The company has a market cap of $60 million and a 52-week range between $0.10 and $0.36 per share.Each unit is comprised of one common share in the capital of Genoil, and one Share purchase warrant exercisable for two years following the date of issue at an exercise price of $0.20.
The common shares and warrants issued in connection with the private placement are subject to a statutory four month hold period.
The private placement has received the conditional approval of the TSX.V. 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, 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.
For more information on Genoil Inc. visit www.Genoil.ca.
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