Conquest Mining Ltd
(ASX:CQT) is poised to raise up to $45 million through an institutional placement and share purchase plan.
The gold producer says funds will be used to drive growth through exploration, production and acquisitions, and the development of the Mt Carlton project and Pajingo gold mine. Conquest says it has received binding commitments from existing and new institutional investors for $40 million of new shares that will be priced at $0.48 per share.
A share purchase plan is expected to raise an additional $5 million, where existing shareholders can subscribe for up to $15,000 of ordinary shares at 48 cents.
Executive Chairman Jake Klein says the company is delighted with the support shown for the equity raising and welcomes several highly respected gold sector institutional investors to its share register.
Conquest Mining posted a loss of $3.69 million in the twelve months to 30 June 2010.
