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Toronto, Ontario--(Newsfile Corp. - March 18, 2024) - Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) ("Carolina Rush" or the "Company") has entered into an agreement with Paradigm Capital Inc. (the "Agent") to act as lead agent and sole bookrunner, on behalf of a syndicate of agents to be formed, in connection with a "best efforts" private placement offering (the "Offering") of up to 15,000,000 units (each, a "Unit") of the Company to be issued at $0.20 per Unit (the "Issue Price") for gross proceeds of up to $3 million.
Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.30 for a period of three years following the closing of the Offering.
In addition, the Agent have been granted an option to sell up to 2,250,000 additional Units for additional gross proceeds of $450,000.
The net proceeds from the Offering will be used for exploration and development, and general working capital purposes.
The Offering is expected to close on or about April 3, 2024 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The Offering is being made by way of private placement in Canada, in the United States pursuant to an exemption from the registration requirements of the United States Securities of 1933, as amended, and in such other jurisdictions as may be mutually agreed upon by the Agent and the Company. The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Carolina Rush
Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) is exploring the Carolina Terrane in the southeastern USA. Its flagship Brewer Gold-Copper Project is located at the past-producing, 397-hectare Brewer Gold Mine property in Chesterfield County, South Carolina, 17 kilometers along trend from the producing Haile Gold Mine. In January 2023, the Company signed exclusive mineral exploration lease and purchase option agreements for both the 246.6-hectare New Sawyer Gold Mine Property and the 54.6-hectare Sawyer Gold Mine Property, both located on the Sawyer Gold Trend and in Randolph County, North Carolina.