** Shares of Auteco Mineral fall as much as 3.3% to A$0.029, declining the most since Aug 11

** Gold explorer receives firm commitments for A$55 mln ($35.59 mln) fundraise at an issue price of 2.5 Australian cents per share

** The price represents a 16.7% discount to co's last close on Aug 11

** Co says proceeds will be used to fund the acquisition of Green Bay Copper-Gold Project in Canada

** Nearly 18 mln shares have changed hands, compared with the 30-day average of 1.8 mln shares

** Stock down 41.2% so far this year, as of last close

($1 = 1.5456 Australian dollars)

(Reporting by Navya Mittal in Bengaluru)

((navya.mittal@thomsonreuters.com))