** Shares of Sipa Resources SRI.AX fall as much as 25% to A$0.015, their lowest level since July 3

** Stock last down 10% at A$0.018

** Mineral exploration co receives firm commitments to raise A$1.61 million via share placement

** Issue price of 1.4 AU cents per new share represents a discount of 30% to stock's last close

** Funds raised from the capital raising to be used for exploration at the Tunkillia North, others - co

** About 3.9 million shares change hands, 2.7x the 30 day avg

** Stock up 50% YTD, including the day's moves

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))