Australia's Arafura Rare Earths slumps on discounted raise
** Shares of Arafura Rare Earths ARU.AX fall as much as 13.2% to A$0.165; set for their worst day since mid-March - if current trend holds
** Shares hit lowest since June 19
** Co among the top losers in the ASX All Ordinaries Index .AORD
** The rare earths miner says it has received firm commitments to raise A$20 million across two tranches
** Issue price of A$0.16 per share is at a ~15.8% discount to the last traded price on July 23
** Capital raised will be used for advancement of co's funding initiatives, among others
** Stock has risen ~15.2% this year, as of last close
Reporting by Archishma Iyer
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