Genoil Inc. (OTC: GNOLF) closed a non-brokered U.S. private placement which netted $45, 650 in gross proceeds, the company said March 21.
At 15 cents each, 3,042,668 shares were issued, Genoil said, noting that they are subject to hold periods. Alongside the shares, 3,042,668 warrants at a five-cent strike price were issued, Genoil added.
The company settled $316,500 in debt for 21,100,000 common shares priced at 15 cents each, as part of shares for debt settlement agreements with consulting services providers, Genoil said.
Genoil noted that these shares are subject to a U.S. hold period from their date of issuance.
Genoil added that 6 million of these shares were issued to a company insider.
Alberta-based Genoil Inc. is an engineering technology development company serving the international oil and natural gas industry.
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