** Shares of Raiden Resources fall as much as 10.3% to A$0.035, marking their biggest intraday pct loss since Aug. 23
** Stock hits lowest level since Sept. 19
** Gold explorer says it has received firm commitments from institutional investors to raise A$10 mln ($6.74 mln) via share placement at 3.2 Australian cents per share
** Offer price at a nearly 18% discount to stock's last close
** Co says proceeds will be used to accelerate and expand drilling at the Andover Lithium projects
** About 24.7 mln shares change hands, compared with the 30-day average volume of 14.2 mln shares
($1 = 1.4837 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru)
((Sneha.Kumar@thomsonreuters.com;))
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