** Shares of Australia's Elevate Uranium EL8.AX fall as much as 10% to A$0.36, their biggest intraday percent drop since October 22

** Uranium explorer raises A$25 million ($16.25 million) via placement at A$0.35 per share

** Placement price represents a 12.5% discount to the last closing price

** Proceeds to be used to accelerate and expand the U-pgrade pilot plant program in Namibia, fund resource definition and expansion drilling across Namibia and Australia, and advance key technical studies, among others

** EL8 slides 18% so far this month; YTD up 37.7%

($1 = 1.5389 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))