Carolina Rush completes C$3.5 million private placement offering

Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) completed a non-brokered private placement offering that raised gross proceeds of C$3,497,929.66, according to a company statement.

The company issued 31,799,360 units at C$0.11 per unit. Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase one common share at C$0.16 for two years from the date of issuance.

Carolina Rush will use the proceeds for general working capital purposes. The securities are subject to a four-month hold period plus one day from the issuance date.

The company paid C$7,821 in finder fees and issued 71,100 broker warrants in connection with the offering. The broker warrants entitle holders to acquire one common share at C$0.16 for two years from issuance.

The offering constituted a related party transaction as a company insider acquired 3,845,454 units. Carolina Rush relied on exemptions from valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the company is not listed on a specified market and the insider participation did not exceed 25% of market capitalization.

Carolina Rush is a southeastern U.S. exploration company advancing the Brewer Gold-Copper Project in South Carolina under an earn-in option agreement with OceanaGold Corporation. The project is located 13 kilometers from OceanaGold's producing Haile Gold Mine.

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