** Shares of Australia's Elementos ELT.AX fall as much as 5.3% to A$0.285, on track to record their third consecutive session of losses, if the trend holds

** Tin explorer says A$8.7 million ($5.61 million) raised via placement at an issue price of A$0.28 per share

** Issue price at a discount of 1.8% to the stock's last closing

** Funds from placement to help fund co's Oropesa Tin project and the Cleveland project

** 419,083 shares change hands, 1.1x the 30-day average volume

** Stock has risen 292.9% this year, as of 0021 GMT

($1 = 1.5499 Australian dollars)

(Reporting by Roshan Thomas in Bengaluru)

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