On August 15, 2023, Carolina Rush Corporation closed the transaction. The company announced best efforts brokered private placement and it has issued 14,238,236 units at a price of CAD 0.15 per Unit for gross proceeds of CAD 2,135,735.4 through non-brokered private placement and 666,700 units at a price of CAD 0.15 per Unit for gross proceeds of CAD 100,005 for aggregate gross proceeds of CAD 2,235,740.4 in the transaction. In connection with the closing of the Non-Brokered Offering, the Company paid certain eligible finders cash commissions in the aggregate of CAD 45,600.6, through the issuance of 304,004 Units, and have issued the finders an aggregate of 506,673 Broker Warrants.

Pursuant to the transaction, Kenneth Brown received 4,400,000 Units. Upon completion of the transaction, Brown beneficially owns or controls 4,400,000 Common Shares and 2,200,000 Warrants, representing approximately 10.26% of the company's issued and outstanding common shares on a non-diluted and approximately 14.64% on a partially diluted basis. The transaction remains subject to the final approval of the TSX Venture Exchange.

The company has received $500,648 (CAD 675,000.674127) from 2 investors pursuant to exemption provided under Regulation D.