Genoil Inc. Announces Cancellation of Proposed Non-Brokered Private Placement at the Request of TSX Venture Exchange
February 25 2011 - 6:10PM
Marketwired
Genoil Inc. (TSX VENTURE: GNO) (OTCBB: GNOLF) ("Genoil") is
announcing that it has cancelled the previously announced
non-brokered private placement consisting of 900,000 common share
warrants which were to be issued at a price of $.02 per warrant.
This transaction was previously announced in Genoil's February 3,
2011 news release. Funds previously received pursuant to this
transaction will be returned. The proposed non brokered transaction
was to issue an aggregate of 900,000 common shares warrants at a
price of $.02 per warrant, having at an exercise price of $0.25
cents per warrant, and exercisable for a period of 2 years. The
previously announced transaction was subject to approval of the TSX
Venture Exchange which approval was not provided as TSX Venture
Exchange policies do not include any provisions for the issuance of
warrants except warrants issued as a part of a unit financing.
Genoil is an international engineering technology development
company based in Alberta, Canada that develops innovative
hydrocarbon, oil and water separation, and marine technologies.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Genoil Inc. Tom Bugg President (403) 605-4022 Genoil
Inc. David Lifschultz Chairman & CEO (914) 393-5800
DKLIfschultz@genoil.net www.genoil.ca
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