** Shares of Elixir Energy EXR.AX fall 4.6% to A$0.042

** Stock fell as much as 18.2% earlier in the day, touching its lowest level since July 6, 2020

** The gas explorer says it will undertake a placement to raise A$7 million ($4.38 million) to fund farm-in work at Taroom Trough in Queensland

** Placement at 3.5 Australian cents per share, a 20.5% discount to the stock's last close

** Stock down 6.8% YTD

($1 = 1.5964 Australian dollars)

(Reporting by Adwitiya Srivastava in Bengaluru)

((Adwitiya.Srivastava@thomsonreuters.com))