Australia's PC Gold drops on discounted placement

PC Gold PC2.AX falls 2.1% to A$0.705, set for its worst day since Jan 30

Mineral explorer receives firm commitments to raise A$24 million ($16.85 million) via placement

Issue price of A$0.65 per share represents a discount of 9.7% to co's last close

Funds raised will be used to accelerate the upgrade of the Spring Hill Mineral Resource, others

8.9 million shares change hands, 11.3x the 30-day average

YTD, stock up 98.6%, including the day's move

($1 = 1.4245 Australian dollars)