** Shares of RareX REE.AX fall as much as 6.5% to A$0.29

** Stock set to post its first weekly decline in six weeks, losing nearly 12% so far this week

** Stock remains under pressure after the critical minerals miner announced a A$5 million ($3.50 million) placement at a discounted issue price on Tuesday

** Stock has gained 15.4% so far this month

($1 = 1.4271 Australian dollars)

(Reporting by Anjali Singh in Bengaluru)

((anjali.singh2@thomsonreuters.com; ))