Genoil Conducts Private Placement

Genoil Inc. will conduct a private placement for total gross proceeds of up to U.S. $2,000,000, whereby the Corporation will issue Units at a price of U.S. $0.66 per Unit, each Unit consisting of one common share and 0.25 common share purchase warrants ("Warrants"). The Warrants are exercisable until five years following their issue date at a price of U.S. $0.99. The common shares issued in connection with this private placement are subject to a four-month hold period pursuant to the rules of the TSX Venture Exchange and Canadian securities legislation. Completion of the private placement remains subject to receipt of all necessary approvals, including that of the TSX Venture Exchange.

The securities to be issued by the Corporation have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.