** M3 Mining M3M.AX slips as much as 9.4% to A$0.029, lowest since August 19

** Mining exploration co receives firm commitments to raise A$2.3 mln ($1.5 mln) (before costs) via placement

** Issue price of A$0.018 represents 50% discount to last close

** Funds will be used towards exploration activities at Victoria Bore and Edjudina and others

** Around 432,280 shares traded, 2.2x the 30-day avg

** YTD, M3M falls 17.1%

($1 = A$1.5263)

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))