By Laura Lutz
Des Moines, Sept. 28 - Genoil Inc. closed the second tranche of a private placement for $550,000, bringing the total placement size to $3,550,150.
The full placement included 4,863,218 units, including 753,424 units in the second tranche.
Each unit consists of one common share and one quarter-share purchase warrant, with each full warrant exercisable at $1.10 for two years.
The company may redeem the warrants for $0.01 each if the 20-day average closing price of its shares is greater than $1.38.
The units were sold to longtime investors and supporters of Genoil.
The deal priced on Sept. 7 as a $3 million sale. After the first tranche closed on Sept. 21, the company said it would complete an additional tranche for up to $1 million because the placement was oversubscribed.
Proceeds will be used for working capital, to pay outstanding debt and to pursue implementation of the Genoil Hydroconversion Upgrader in commercial refineries.
Genoil is a Calgary, Alta., provider of environmental solutions for the oil and gas industries.
| Issuer: | Genoil Inc.
|
| Issue: | Units of one share and one quarter-share warrant
|
| Amount: | $3,550,150
|
| Units: | 4,863,218
|
| Price: | $0.73
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.10
|
| Pricing date: | Sept. 7
|
| Settlement date: | Sept. 21 (for $3 million); Sept. 28 (for $550,150)
|
| Stock symbol: | OTCBB: GNOLF
|
| Stock price: | $0.815 at close on Sept. 7
|
| Stock price: | $0.83 at close on Sept. 21
|
| Stock price: | $0.78 at close on Sept. 28
|
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