** Shares of VRX Silica VRX.AX fall as much as 19% to A$0.046, their largest intraday pct drop since early October
** The construction materials co receives firm commitments to raise A$5 mln ($3.21 mln) via a placement
** Placement issue price at A$0.042, a 26.3% discount to stock's last close
** Co says funds will be used to develop its Arrowsmith North silica sand project in Western Australia
** Stock hits lowest level since Nov 18
** More than 1.4 mln shares change hands, 2.3 times the 30-day avg
** Stock down ~55.1%, including current session's moves
($1 = 1.5574 Australian dollars)
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))
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