** Shares of New Frontier Minerals NFM.AX fall as much as 24% to A$0.019, their largest intraday pct decline since October 9

** Stock hits its lowest level since November 19

** Mining explorer receives firm commitments to raise A$2.25 million ($1.45 million) via a placement

** Placement issue price at A$0.021 per share, a 16% discount to the stock's last close

** Says funds to be used to expedite development work at the Harts Range project in the Northern Territory

** More than 5 million shares change hands vs 30-day avg volume of around 4.6 million shares

** Stock up 11.1% YTD, including the day's moves

($1 = 1.5470 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))