Carolina Rush Announces Closing of Private Placement

The most recent news, dated December 4, 2025, announces the closing of a previously announced non-brokered private placement. Carolina Rush Corporation (RUSH) successfully closed the private placement, raising gross proceeds of C$3,497,929.66. This was achieved through the issuance of 31,799,360 units at a price of C$0.11 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at an exercise price of C$0.16 for a period of 24 months from the closing date. The securities issued are subject to a four-month-plus-a-day hold period. The company also paid C$7,821 in cash finders' fees and issued 71,100 finders' warrants with the same terms as the unit warrants. Proceeds from the financing are earmarked for general working capital purposes. The news also noted insider participation in the private placement.

This news is a routine update, confirming the successful closing of a private placement that was initially announced on November 3, 2025, and subsequently upsized on November 27, 2025. The closing of the financing is a positive step as it significantly bolsters Carolina Rush's cash position, addressing its previous negative working capital as of June 30, 2025. The C$3.49 million raised provides necessary capital for general working capital purposes, which is crucial for an exploration company.

However, the impact is primarily neutral in terms of new information because the financing amount and terms were already disclosed and anticipated. The primary material news in the recent past was the shareholder approval of the earn-in joint venture agreement with OceanaGold Corporation on November 27, 2025, and the subsequent upsizing of this private placement. The closing of the private placement merely executes the previously announced funding plan. It removes the uncertainty of whether the financing would close but does not introduce new catalysts or information that would materially alter the company's outlook beyond what was already incorporated following the November 27th announcement. The insider participation is a minor positive signal of confidence but does not make the overall event material on its own.

Carolina Rush Corporation is a mineral exploration company focused on gold and copper projects in the United States, specifically in South Carolina. Its flagship asset is the Brewer Gold-Copper Project in Chesterfield County, South Carolina. The Brewer project is a past-producing gold mine and is strategically located approximately 13 kilometers along trend from OceanaGold's producing Haile gold mine.

The company's exploration strategy has evolved from near-surface epithermal mineralization to focus on identifying a deeper, porphyry-style copper-gold system. Recent drilling (Hole B24C-016x) revealed elevated molybdenum, a pathfinder metal for porphyry systems, at depth (up to 1,320 ppm Mo over 1m), validating their exploration model. Geophysical surveys (MT and IP) in early 2025 identified large columnar zones of low resistivity and broad halos of high chargeability consistent with a buried intrusion and sulphide shell, providing compelling deep drill targets.

In March 2025, Carolina Rush reported a maiden NI 43-101 compliant Mineral Resource Estimate for Brewer, including: * In-situ Indicated: 6.0 million tonnes at 1.04 g/t Au (202,000 oz Au) and 0.13% Cu (16.8 Mlbs Cu). * In-situ Inferred: 7.8 million tonnes at 0.84 g/t Au (210,000 oz Au) and 0.06% Cu (7.9 Mlbs Cu). * Backfill Inferred: 11.9 million tonnes at 0.36 g/t Au (139,000 oz Au) and 0.03% Cu (9.05 Mlbs Cu). The MRE highlighted the resource remains open for expansion, particularly at depth.

Carolina Rush recently secured a significant earn-in to joint venture agreement with OceanaGold Corporation (approved by shareholders on Nov 27, 2025). Under this agreement, OceanaGold can earn up to an 80% interest in the Brewer project by spending up to US$20 million over five years, which also includes an option to purchase the property. The initial Stage 1 exploration program, involving 3,000 meters of drilling, is set to begin on January 5, 2026, with OceanaGold committing US$1.5 million for this phase.

The company has also indicated a focus on evaluating Brewer's critical mineral potential (tellurium, gallium, bismuth, tin, antimony, arsenic).