Genoil Raises $1.28 Million From Private Placement
Genoil Inc. has closed the first tranche of a private placement (via private placement memorandum – PPM) to raise a total of $1.5 million.
With the closing of the first tranche, the company has issued 9,906,213 units at $0.13 per unit, each unit consisting of one common share and one common share purchase warrant, for total gross proceeds of $1,287,808.24 (via private placement memorandum – PPM).
The warrants are exercisable until two years following their issue date at a price of $0.20.
Genoil said it plans to complete a second tranche of the private placement (via private placement memorandum – PPM) in order to accommodate additional subscribers.
The shares for debt transaction is meant to satisfy amounts outstanding to certain creditors of the company, according to Genoil. Shares were issued under a debt cancellation agreements between Genoil and each of the creditors, whereby each of the creditors agreed to forgive and cancel debts.
Genoil said it closed out $212,191.74 of debt for 1,367,319 common shares and 564,302 common share purchase warrants (via private placement memorandum – PPM) .
Canada-based Genoil is an engineering technology development company that develops innovative hydrocarbon, oil and water separation, and marine technologies.
(Comment on this article at http://www.financialwire.net/2009/05/04/genoil-raises-128-million-from-private-placement/)
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