Genoil Announces Grant of Stock Options
15 August 2011 - 8:00PM
Marketwired
Genoil Inc. (TSX VENTURE: GNO)(OTCBB: GNOLF) announced today that
the Board of Directors of the Corporation has approved a grant of
an aggregate 3,500,000 options to directors and consultants to
acquire up to 3,500,000 common shares of the Corporation as
compensation.
The two outside directors of the Corporation, Alan Heller was
granted 1,150,000 and David A. Johnson, have each been granted
1,000,000 options in consideration for serving on the board for
2011. Brian Korney, Chief Financial Officer was granted 200,000
options. The remaining 950,000 of such options have been granted to
employees and consultants of the Corporation.
2,950,000 options were approved with an exercise price of C$0.11
including all Officers of the Corporation, being the closing price
of Genoil's shares on the TSX Venture Exchange on the date of this
press release and the balance of 250,000 options to a Consultant
were approved with an exercise price of C$0.20. All of the options
approved have a term of five years from the date of grant and vest
immediately, and are conditional upon the receipt of all necessary
regulatory and stock exchange approvals.
Genoil is an international engineering technology development
company based in Alberta, Canada that develops innovative
hydrocarbon, oil and water separation, and marine technologies.
ADVISORY: Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Genoil Inc. David Lifschultz Chairman & CEO (914)
393-5800 DKLifschultz@genoil.net www.Genoil.ca
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