The problem with 'trying' to manufacture molasses with white refined sugar, is that about 30% (or more) of molasses is off by products. Tiny fragments of cane, unfermentable sugars, and other stuff (and a LOT of flavors). By the refining process, all of that is removed.
Thus, taking that refined end product, and trying to make molasses will likely be a losing proposition. However, it may be that burnt/caramelized sugar may produce a distilled product that is close enough to rum. You might give it a try. The worst you will get is a lightish rum type neutral product.
Hillbilly Rebel: Unless you are one of the people on this site who are legalling distilling, keep a low profile, don't tell, don't sell.