** Shares of Ark Mines AHK.AX fall 8.6% to A$0.160
** Stock set for its weakest session since April 23
** Diversified miner receives commitments to raise A$1.5 million ($959,700) at A$0.14 apiece from two investors
** Issue price represents a 20% discount to co's last close
** Says it can now expedite its rare earth development program at the Sandy Mitchell project in Queensland
** Stock up 14.3% YTD, including current session's moves
($1 = 1.5630 Australian dollars)
(Reporting by Manasi Dasa in Bengaluru)
((Manasi.DasaSundeep@thomsonreuters.com;))
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