** Shares of Astute Metals ASE.AX fall 16% to A$0.021, on track for worst day since April 16 if current losses hold

** Diversified explorer raises A$5.5 million ($3.55 million) in a placement at an issue price of A$0.015 per share

** Issue price represents a discount of 40% to stock's last close on July 28 after which it went on a trading halt

** About 2.9 mln shares change hands, 11.3x the 30-day average of 253,337

** Stock down 25% YTD, including moves in current session

($1 = 1.5480 Australian dollars)

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((JasmeenAraIslam.Shaikh@thomsonreuters.com;))