** Miramar Resources M2R.AX plunges 25% to A$0.003, lowest since Jan. 21

** Mineral explorer says it will raise A$1.8 mln ($1.1 mln) at issue price of A$0.003, a 25% discount to last close

** Stock set for worst intraday pct drop since Jan. 21

** M2R down more than 14% YTD

($1 = A$1.5921)

(Reporting by Rajasik Mukherjee in Bengaluru)

((Rajasik.Mukherjee@thomsonreuters.com))