** Shares of Australia's Great Divide Mining GDM.AX fall as much as 4.8% to A$0.4, post their biggest intraday pct drop since January 29

** Gold-antimony miner receives firm commitments to raise A$2.5 million ($1.75 million) ($2.50 million) via a placement at $0.32 per new share

** Placement price represents a 23.8% discount to stock's last close

** Co says proceeds will be used to progress development at the Challenger Gold Mine and for general working capital purposes

** GDM up 38.3% YTD

($1 = 1.4300 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))