** Shares of Genmin GEN.AX fall as much as 54.6% to A$0.010, hitting their lowest since November 11

** Iron ore producer receives firm commitments to raise A$25.7 million ($16.78 million) via a placement

** Placement issue price at A$0.01 per share, a 54.5% discount to the stock's last close

** Says funds will be used to further development at the company's flagship Baniaka project in Gabon

** More than 43.5 million shares change hands, 43.5 times the 30-day average

** Stock down 69.2% YTD, including the day's moves

($1 = 1.5314 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))