CONQUEST Mining has appointed new corporate advisers, added to its board and is undertaking a $5.5 million placement.
Under the placement Conquest has agreed to place up to 18.8 million shares at 26 cents a share and 12.8 million options at 5 cents each to sophisticated investors to raise the funds.
Hong Kong-based Sino-Italy Development Company says it will take a strategic stake in Conquest by buying $2 million in the placement.
The funds raised from the placement will be used to complete feasibility studies at Ellendale 17 and Mt Carlton to fund ongoing exploration and for working capital.
The company has started a $1.3 million large diameter drilling and heavy media separation campaign at Ellendale 17, which is located in the West Kimberley.
Conquest has also appointed the John Poynton-led corporate advisory firm Azure Capital as its corporate advisers.
It has also appointed Richard Krasnoff to its board.