Genoil Secures Credit Facilities.CALGARY, Alberta -- Genoil Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE: GNO GNO Girl's Night Out GNO Greater New Orleans GNO Global Network Operations GNO Guys Night Out GNO Geminal Natural Orbital GNO Gnu Network Object ) announces that it has entered into two short term credit facilities for an aggregate of $600,000, each such credit facility for a maximum period of 6 months. These loans are for operating capital and also for the development of Genoil's upgrader process presently being built for installation in a refinery in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. . These unsecured loans carry no interest but the lender will receive 200,000 common shares at a deemed price of $0.25 as an inducement for providing both of these short term loans. Genoil is a technology development company providing solutions to the oil and gas industry through the use of propriety technologies. Genoil's shares are listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol GNO. The proposed issue of shares remains subject to Genoil receiving regulatory approval from the TSXV. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion