On Wednesday, Conquest made a statement that they will be using a part of $45 capital, its plan to raise to facilitate the acquisition of HSK Gold Australia Pty. Ltd. In Palingo gold mine owners Hemmskirk Consolidated, 60 percent of the shares are owned by North Queensland Metals Ltd.,(NQM) and HSK Gold holds other 40 percent shares.

Previously, Conquest's takeover target in NQM was 86.79 percent.

On Tuesday, it was its target increase to 88.28 percent. On October 15, Conquest's bid, which will deliver NQM's 60 percent share in Palingo Gold Mine will close.

By conducting exploration drilling, possible development of Twin Hills deposit and initiating open pit mining, Conquest has decided to increase the production at Palingo Gold Mine. For this purpose, they will use a part of the funds which they had raised at the market.

The funds raised, will also be used for the optimization study of Mt Carlton, which will include exploration drilling, procurement activities, detailed engineering design work, site works, and pre-development work.

While the capital was getting raised, a trading halt was imposed upon Conquest. On Wednesday, the trade in Conquest shares began again.