** Shares of Australia's Gorilla Gold Mines GG8.AX fall as much as 17.9% to A$0.39, their biggest intraday pct drop since mid-November 2024

** Stock at its lowest level since October 13, on track to record its second straight session of losses, if losses hold

** The gold miner says to raise A$31.7 million ($20.60 million) via placement at an issue price of A$0.40 per share

** Issue price at a discount of 15.8% to stock's last closing

** Funds from placement to help continued exploration and resource growth drill programmes at co's Comet Vale Gold project, others

** Near 3.4 million shares change hands, 2.5x the 30-day average volume

** Stock has risen 55.8% this year, as of 0217 GMT

($1 = 1.5389 Australian dollars)

(Reporting by Roshan Thomas in Bengaluru)

((Roshan.Thomas@thomsonreuters.com;))