Australia's Ionic Rare Earths tumbles on discounted placement
** Shares of Ionic Rare Earths IXR.AX fall as much as 22.2% to A$0.007, posting their biggest intraday percentage decline since Aug. 13
** Stock hits its lowest level since Sept. 27
** Rare earths explorer says it will raise A$1.7 mln ($1.10 mln) via placement at A$0.007 per share
** Issue price represents a 22.2% discount on co's last close
** About 26.7 mln shares change hands, compared with the 30-day average volume of around 3.4 mln
** Stock down 73.1% YTD, including session's move
($1 = 1.5497 Australian dollars)
Reporting by Aaditya Govind Rao in Bengaluru
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