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CALGARY, ALBERTA--(Marketwire - April 20, 2012) - Genoil Inc. (TSX VENTURE:GNO) (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. |
