** Shares of Megado Minerals fall 11.8% to A$0.015, on track for their biggest daily pct drop since Oct. 7, if current losses hold

** Mineral explorer says it has received commitments to raise up to A$1.5 mln ($986,850) via placement of 127.2 mln shares

** Issue price of A$0.012 per share is at a 29.4% discount to stock's last close

** Stock hits its lowest level since Oct. 24

** About 2.4 mln shares change hands, 3.8x the 30-day avg

** Stock down 57% YTD, as of 0043 GMT

($1 = 1.5200 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))