** Shares of Australia's Patagonia Lithium PL3.AX rise as much as 6.3% to A$0.085, their biggest intraday pct gain since Nov 7
** Stock at its highest level since Dec 5
** The mineral explorer to raise A$1.85 mln ($1.17 mln) via placement at issue price of A$0.10 per new share
** Issue of shares at a premium of 25% to stock's last close
** Funds raised from placement will be principally used to complete current lithium brine drill programme in Argentina - PL3
** Stock has fallen 34.6% this year
($1 = 1.5780 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru)
((Roshan.Thomas@thomsonreuters.com))
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