Galaxy shares were up more than 15% in afternoon trade, leading the gains on the benchmark S&P/ASX200 index.
The company plans to use the funds to underpin development of its brine project on its southern Sal de Vida tenements, where it anticipates a 40-year mine producing about 25,000 tonnes per annum of battery-grade lithium carbonate.
The overall metals and mining sector was in positive territory in afternoon Australian trade but the gold sub-set was lower.
The US and UK markets were closed for public holidays yesterday while in Toronto, the S&P/TSX Composite Index metals and mining sector closed down 1.15%.
All five equities in the silver sub-sector recorded losses, with First Majestic Silver Corp (TSX: FR) down by 5.15%.
Pan American Silver (TSX: PAAS) fell 3.98% as it reduced activities at its Dolores mine in Mexico, citing "recent security incidents".
The silver price has hovered around the US$16.50 an ounce mark over the past month.
Finally the gold price is a little below $1,300/oz - earlier trading at $1,298.30/oz on the spot market - as the US-North Korea meeting once more looks likely but political instability continues in Italy.
