The current fundraising involves undisclosed investors.
DevEx said the proceeds would fund the company's expansion into two of Australia's discovery hot spots - the Julimar region of WA and the world-class Lachlan Fold Belt of NSW, including new opportunities in Cobar Basin district.
DevEx is chaired and 22% owned by Tim Goyder, whose big interest in the discoverer of the original Julimar prospect, Chalice Mines, has ensued a huge investment win.
Indications are Goyder is not participating in the current raising.
DevEx's managing director is Brendan Bradley.
Drilling is due to begin this week on DevEx's ground in Cobar, while drill campaigns in WA and the Lachlan Fold belt are set to begin early next year.
Shares om DevEx were down 10.5% to 25.5c in morning trade, capitalising the company at $63 million.
The stock's low/high for the past 12 months is 2.8c/37c.