** Shares of Saturn Metals STN.AX drop as much as 11.2% to A$0.613; biggest percentage loss since May 5

** Gold explorer receives firm commitments to raise A$45 million ($29.74 million) via share placement at A$0.58 per share

** Placement price represents 15.9% discount to co's last close

** Proceeds to be used to accelerate exploration at Apollo Hill Gold Project in Western Australia

** STN last down 10.1%; YTD up 200%

($1 = 1.5131 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))