** Shares of Lightning Minerals L1M.AX fall as much as 21.1% to a record low of A$0.03

** Mineral explorer receives commitments to raise A$2.5 million ($1.63 million) in a share placement

** Issue price of A$0.032 per share represents a 15.8% discount to the stock's Monday close

** Stock was on trading halt on Tuesday and Wednesday pending announcement

** Proceeds will be primarily used for phase 2 drilling at Mt Turner gold project, says co

** About 3.2 million shares change hands, 3.6x the 30-day average

** YTD, stock down 55.6%, including the day's move

($1 = 1.5319 Australian dollars)

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))