The company which has attracted global interest from battery makers and companies says the funds will be used to continue trial mining and sample production at its Sconi-Cobalt-Nickel Scandium project in Queensland.
The funds will allow the feasibility study at the Sconi project to be completed.
Australian Mines also plans to use the proceeds to accelerate its drilling at its Flemington project in New South Wales.
Shares in Australian Mines (ASX:AUZ) are trading about 28.9 per cent higher at to 13 cents.