• Shares of Challenger Gold fall as much as 3.7% to A$0.13, their lowest level since May 7

• Gold miner receives binding commitments for an A$85 million ($60.63 million) placement

• Issue price of A$0.12 per share represents a discount of 7.7% to stock's last close

• Funds raised through placement will be used for a resource growth drilling campaign aimed at testing broader Hualilan tenement package and others

• About 11.8 million shares traded so far, 3.5x the 30-day avg

• Down 16.1% YTD, including the session's moves

($1 = 1.4019 Australian dollars)
(Reporting by Anjali Singh in Bengaluru)