Mineral explorer Conquest Mining Ltd (ASX: CQT) entered trading halt on Tuesday and would remain in such state until Thursday pending the announcement of the $100 million capital raising that would finance the development of the company's Mt Carlton gold, silver and copper project in Queensland.

The move came following the release of the Green Leader Equities Research that declared Conquest may need to acquire $100 million for its Mt Carlton development as the same report noted that the project has so far attracted limited financing attention.

In a feasibility study for the Mt Carlton project published in 2009, Conquest said that it would require some $138 million as capital cost for the projected one million tonnes per annum mine and treatment plant.

Yet as of October 8 this year, the company informed its investors that its cash holdings stood at $19.1 million but with not debt as Conquest reiterated its commitment of making a decision on the Mt Carlton development plan soon en route to the actual development activities by next year.

In preparation for the full-scale development, Conquest said that it has struck a $1 billion off-take deal with Shandong Guoda Gold Co Ltd of China for purchase of all concentrate output in V2, which is the largest deposit site in Mt Carlton.

Also, the mining company further upped its stake on North Queensland Metals Ltd from 86.79 percent to 88.28 percent, effectively increasing Conquest grip on the target company following its takeover bid of $81 million that would include a 60 percent of NQM holdings in Pajingo, north of Queensland.

The remaining 40 percent stake on Pajingo was later acquired too by Conquest from Heemskirk Consolidated Ltd for $37, which it edged out in the bidding war for NQM, that eventually delivered for Conquest a 60 percent take on the Twin Hills gold mine, also in Queensland.