Shares of ASX-listed mining firm Conquest Mining (ASX: CQT) has steadily climbed with the lifting of its trading halt that coincided with its announcement of securing a $45 million institutional placement.

In a disclosure to the Australian Stock Exchange, Conquest Mining said that it was able to raise no less than to $45 million through an institutional placement and share purchase plan to develop its Mt Carlton gold, silver and copper project in Queensland.

"This is through binding commitments from existing and new institutional investors to subscribe for up to $40 million of new shares," the company said.

The shares will be priced at $0.48 per share, representing a 4.5 per cent discount to Conquest's 10 day volume weighted average price. Meantime, the mining company will further address a requirement for $5 million through a share purchase plan (SPP).

Under the SPP. existing shareholders will be able to subscribe for up to $15,000 of ordinary shares at 48 cents.

"We are delighted with the support shown for this raising and we welcome to our share register several highly respected, gold sector institutional investors," Conquest Executive Chairman Jake Klein said in its ASX announcement.

"With the ongoing participation and support from existing shareholders the raising will allow us to advance our corporate and operational strategy."

Pajingo acquisition

The company also plans to acquire 40 percent of the Pajingo gold mine in Queensland owned by North Queensland Metals.