Genoil Closes Private Placement

Genoil Inc. has closed the private placement initially announced on February 27, 2008. The Corporation has issued a total of 378,787 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 for gross proceeds of U.S. $250,000. The Warrants are exercisable until 5 years following their issue date at a price of U.S. $0.99. The common shares and Warrants issued in connection with this Offering are subject to a four-month hold period.

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, 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.