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The company said it issued 22.3 million shares at a price of $1.50 per share following a placement to two investor groups in April.
The funds are needed to meet Geodynamics' 70% share of funding requirements for its three-stage Cooper Basin development project.
Stage one of the company's business plan, which is to establish "proof of concept", will be completed once a closed loop test on the Habanero-3 well has been completed.
The company plans to have a 1MW pilot power plant online by the end of 2008 and will focus on moving to 50MW output by 2012, before scaling up to base load generation of around 500MW.
Origin Energy holds the remaining 30% of the project via a farm-in.
