** Shares of EQ Resources fall as much as 20% to A$0.04, their lowest levels since Aug 26

** The tungsten miner receives firm commitments to raise A$4.9 mln ($3.12 mln) via placement

** Issue prices of A$0.04 represents a discount of 20% to stock's last close on Dec 6

** Says proceeds from the placement to be used to fund capital projects related to plant expansion, other works, at Mt Carbine, among others

** About 2.4 mln shares change hands, 1.8 times the 30-day average volume of shares

** Stock has fallen 12.3% this year, as of last close

($1 = 1.5723 Australian dollars)

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))