Naples, FL 4/20/2012 (StreetBeat) -- Genoil Inc. (OTCBB: GNOLF) announces that it has closed a private placement, whereby the corporation has issued 6,732,898 units, at a price of Cdn $0.09 per unit, each unit consisting of one common share and one common share purchase warrant for total gross proceeds of $605,960.The warrants are exercisable until five years following their issue ddate at a price of Cdn $0.10. The common shares and warrants are subject to a four-month hold period pursuant to the rules of the TSX Venture Exchange and Canadian securities legislation.
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
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