By Devika Patel
Knoxville, Tenn., June 22 - Genoil Inc. said it completed a $1 million oversubscribed non-brokered private placement of units.
The company sold 7,692,308 units of one common share and one warrant at $0.13 per unit. Each warrant is exercisable at $0.18 for two years.
Proceeds will be added to corporate working capital and could support the manufacturing of Crystal Sea units for the Gulf of Mexico oil spill should Genoil get the orders. The proceeds will also help ensure that the company can complete its Middle East marketing excursion.
Genoil is a Calgary, Alta., provider of environmental services for the oil and gas industries.
| Issuer: | Genoil Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1 million
|
| Units: | 7,692,308
|
| Price: | $0.13
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.18
|
| Agent: | Non-brokered
|
| Settlement date: | June 22
|
| Stock symbol: | OTCBB: GNOLF
|
| Stock price: | $0.17 at close June 21
|
| Market capitalization: | $46.6 million
|
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