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CALGARY, ALBERTA--(Marketwire - Oct. 2, 2012) - On September 18, 2012, Genoil Inc. (OTCBB:GNOLF) (TSX VENTURE:GNO) ("Genoil" or the "Corporation") announced plans to raise up to $966,000 through a non-brokered private placement of up to 13,800,000 Units, at a price of $0.07 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable at a price of $0.10 per share for 60 months following closing of the private placement. The securities to be issued in connection with this offering are subject to a hold period. The issue has been over-subscribed and the Corporation has adjusted its intention to now raise up to $1,050,000 through a non-brokered private placement of up to 15,000,000 Units, pursuant to identical terms of the initial advice. |
