BUZZ-Australia's Rincon Resources stumbles on discounted placement

Reuters01-12

** Shares of Rincon Resources fall as much as 15.9% to A$0.037, their biggest intraday percentage loss since Jan 3

** The metals explorer says co has received commitments to raise A$1.4 mln ($937,580) via share placement at an issue price of A$0.033

** Issue price represents a 25% discount on co's last close on Tuesday

** Shares were on a trading halt on Wednesday and Thursday

** About 8.3 mln shares change hands, compared with the 30-day average volume of around 3.2 mln

** Rincon stock lost 67.1% last year

($1 = 1.4932 Australian dollars)

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com;))

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