BUZZ-Australia's Agrimin tumbles on discounted placement

Reuters05-29

** Shares of Agrimin AMN.AX fall 6.7% to A$0.07, hitting their lowest level since May 16

** Stock on track to weakest trading session since May 20, if losses sustain

** Fertiliser developer receives firm commitments to raise A$2.5 million ($1.60 million) via a placement

** Placement issue price at A$0.06 per share, a 20% discount to stock's last close

** AMN says funds to be used for expenditures related to its Mackay potash project in Western Australia, among others

** Stock down 46.2% YTD, including current session's moves

($1 = 1.5605 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com))

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