Genoil Inc. Announces Shares for Debt Application
August 22 2011 - 6:00AM
Marketwired
Genoil Inc. (TSX VENTURE: GNO)(OTCBB: GNOLF) agrees to file a
shares for debt application with the TSX Venture Exchange to
satisfy amounts outstanding to creditors including consultants,
employees and professional services firms (the "Creditors"). These
shares are being issued pursuant to debt cancellation agreement
between Genoil and the Creditors (the "Agreement"), whereby the
Creditors have agreed to forgive and cancel all debts currently
owing to them by the Corporation, being U.S. $690,000 in exchange
for common shares of the Corporation. The shares to be issued in
satisfaction of this debt will be based on a price per share of
C$0.10, such price being the closing price on the TSX Venture
Exchange on August 16, 2011. The Agreement for Creditors of
$300,000 includes common shares at a price of C$0.10 a share and
one Warrant exercisable into one Common Share at a price of $0.11
per Common Share at anytime prior to August 31, 2016. The Creditors
of the remaining $400,000 will not receive warrants. This
transaction is conditional upon the receipt of all necessary
regulatory and stock exchange approvals.
The terms of the Agreement and the payment of this debt to the
Creditors were approved by the Board of Directors of the
Corporation.
Genoil Inc. is an international engineering technology
development company based in Alberta, Canada, that develops
innovative hydrocarbon, oil and water separation, and marine
technologies for the oil and gas and commercial marine
industries.
ADVISORY: The TSX Venture Exchange has neither approved nor
disapproved of the information contained herein.
Contacts: Genoil Inc. David Lifschultz Chairman and CEO (212)
688-8868 www.genoil.ca
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