Australia's Elevate Uranium falls most in over 6 weeks on discounted placement
** Shares of Elevate Uranium EL8.AX fall as much as 10.5% to A$0.340, their biggest intraday pct loss since early Sept
** Stock hits its lowest level since Sept 23
** The uranium explorer says it has received firm commitments to raise A$25 mln ($16.64 mln) through a placement
** Issue price of A$0.325 per share is at a 14.5% discount to last close on Oct 17
** Says funds raised will be used for completion of bench-scale metallurgical testwork program on Koppies Uranium Project ore, among others
** Around 1.3 mln shares exchange hands, 1.8 times the 30-day average of 722,342 shares
** Stock down ~21% YTD, as at 0028 GMT
($1 = 1.5026 Australian dollars)
Reporting by Echha Jain in Bengaluru
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