** Shares of Ardea Resources ARL.AX fall as much as 8.8% to A$0.62, their lowest level since January 12

** Marks steepest intraday fall since February 13

** The nickel-cobalt developer receives commitments for placement to raise A$5 million ($3.55 million)

** Issue price of A$0.60 represents a discount of 11.8% to the stock's last close

** Funds will be applied to working capital as it finalises the fully-funded Kalgoorlie Nickel Project, Goongarrie Hub Definitive Feasibility Study, others

** Stock is up 5% YTD

($1 = 1.4075 Australian dollars)

(Reporting by Anjali Singh in Bengaluru)

((anjali.singh2@thomsonreuters.com; ))