The capital raising follows a placement and share purchase plan implemented last February involving the issue of 12 million shares at a price of 25c each.
Quintessential managing director Paige McNeil said the move has substantially strengthened the company's balance sheet ahead of advancing PNG exploration programs.
"The placement and share purchase plan was strongly supported by new and existing shareholders and the 25% premium demonstrates the confidence investors have in the company," she said.
McNeil said the money would promote the company's two diamond core drilling programs in PNG's highlands as well as high-grade epithermal gold reconnaissance exploration in the Milne Bay region.
Quintessential activity in its Bismark licence includes diamond core drilling at the Mal porphyry copper prospect and the Tekem gold prospect.
Last month, the company clinched an exploration licence in the Milne Bay region comprising 26 high-grade gold prospects.