Genoil Completes a Non Brokered Private Placement

CALGARY, ALBERTA--(Marketwired - April 11, 2016) - Genoil Inc. (OTCBB:GNOLF) - The company closed its private placement on Friday December 11, 2015, raising gross proceeds of $322,730 totaling 6,454,600 shares at a price of $ 0.05 per unit. Each unit is comprised of one common share of the company and one transferrable common share purchase warrant (a warrant). Each warrant will entitle the holder to purchase one additional common share of the company at an exercise price of $ 0.05 per share for a period of five years from the date the Warrants were issued.

Genoil is pleased to announce that it has settled debt for $124,563 for 2,491,260 common shares at a price of $ 0.05 USD as part of shares for debt settlement agreements with various parties for consulting services performed. The shares issued in connection with the settlement of this debt are subject to a United States six month holding period from their date of issuance.