** Shares of Australia's Loyal Metals LLM.AX fall 5.3% to A$0.355, lowest since October 22

** Critical minerals explorer secures firm commitments to raise A$3.5 million ($2.27 million) via targeted placement at an offer price of A$0.34 per share

** Issue price represents 10.5% discount to stock's last close

** Co says placement extends its runway to capitalise on increasing evidence of unmined resource potential and significant exploration upside across themining leases of the Highway Reward Copper-Gold Mine in Queensland

** Stock has more than tripled in value so far this year

($1 = 1.5389 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))