** Shares of Australia's European Metals EMH.AX fall as much as 10.8% to A$0.330, their biggest intraday percent decline since December 24

** Mineral explorer on Wednesday received firm commitments for a placement to raise nearly A$3.46 million ($2.35 million) at an issue price of A$0.32 per share

** Issue price represents a 7.2% discount to co's last closing price

** Co says proceeds will be applied towards ongoing development of the Cinovec Lithium Project and general working capital

** EMH down 4.2% YTD

($1 = 1.4699 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))