|By Marketwire .||
|January 30, 2013 06:00 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 01/30/13 -- Genoil Inc. ("Genoil" or the "Corporation") (TSX VENTURE:GNO) (OTCBB:GNOLF) announces plans to raise up to $485,012 through a non-brokered private placement of up to 8,083,533 common shares at a price of $0.06 per common share. The securities to be issued in connection with this offering are subject to a hold period.
Proceeds from the private placement will be used for general working capital purposes and repayment of debt. The private placement is subject to the approval of the TSX Venture Exchange.
Genoil also announces that, subject to approval from the TSX Venture Exchange, it proposes to issue 4,100,000 common shares at a deemed price of $0.06 Cdn per share as part of shares for debt settlement agreements with certain parties for consulting services performed. The total amount of indebtedness settled in this regard will be $246,000 Cdn. The shares issued in connection with the settlement of this debt are subject to relevant hold periods from their date of issuance. It is proposed that 500,000 common shares will be issued to an insider of Genoil.
Genoil reports that the board of directors of the Corporation (the "Board") has approved the grant of incentive stock options to new directors of the Corporation and an outside consultant. The Board has approved the grant of an aggregate of 4,800,000 options to acquire common shares of the Corporation at an exercise price of $0.10. Of the 4,800,000 options approved for grant, 2,000,000 will be granted to new directors of the Corporation for their future efforts in the coming fiscal year
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.
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
For more information on Genoil Inc. visit www.Genoil.ca.
ADVISORY: Certain information regarding the Corporation, including the closing of the proposed private placement and shares for debt transaction may constitute forward-looking statements under applicable securities law and necessarily involve risks that events and actual results may differ from those anticipated and what has been described herein, including the failure to obtain required approvals for the private placement and shares for debt transactions from the TSX Venture Exchange. 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. Further information on potential risk factors that could affect the Corporation's financial results can be found in the Corporation's disclosure materials filed on SEDAR at www.sedar.com and with the Securities and Exchange Commission.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.