Carolina Rush shareholders approve OceanaGold partnership deal

Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) announced that shareholders approved the company's proposed transaction with OceanaGold Corporation at a special meeting held on November 26, 2025.

Shareholders voted in favor of the special resolution with 99.8% of voted shares supporting the earn-in to joint venture agreement. The approval exceeded the required 66.7% threshold needed for shareholder authorization.

Under the OceanaGold Agreement, OceanaGold can earn up to an 80% interest in the Brewer Gold-Copper Project by spending up to $20 million over five years. The partnership includes an option for OceanaGold to purchase the underlying property.

The joint Technical Committee approved a Stage 1 exploration program to drill approximately 3,000 meters, scheduled to commence January 5, 2026. This program is expected to fulfill OceanaGold's minimum commitment of $1.5 million.

Carolina Rush also increased its non-brokered private placement offering from C$3.0 million to C$3.5 million due to investor demand. The offering consists of up to 31,818,182 units priced at C$0.11 per unit. Each unit includes one common share and one-half warrant, with warrants exercisable at C$0.16 for two years.

The private placement is expected to close on or around December 4, 2025, subject to TSX Venture Exchange approval and other closing conditions. Securities issued will be subject to a four-month hold period under Canadian securities laws.

The Brewer Gold-Copper Project is located 13 kilometers from OceanaGold's producing Haile Gold Mine in South Carolina, which has 2025 production guidance of 170,000-200,000 ounces of gold.

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