UPDATE 1-Toledo Mining says Ferrexpo CEO to take stake

* Kostyantin Zhevago to take 9.8 pct share in Toledo

* Toledo to raise 3.24 mln stg in 12 mln share placing

* Placing priced at 28p vs Toledo's 32.5p close on Monday

* Shares drop 6.2 percent

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LONDON, July 7 (Reuters) - Toledo Mining Corp Plc (TMC.L) said on Tuesday that Kostyantin Zhevago, chief executive of Ukrainian iron ore producer Ferrexpo Plc (FXPO.L), will take a 9.8 percent stake in the Philippines-focused nickel company following a proposed placing.

Zhevago will acquire the stake after Toledo conditionally raises 3.24 million pounds ($5.3 million), after expenses, in a 12 million share placing.

The placing is priced a 28 pence, a discount to the company's closing share price of 32.5 pence on Monday.

At 1355 GMT, the shares were down 6.2 percent at 30.5 pence.

Australian investment company Daintree Resources Ltd has committed to subscribe for 4.0 million shares, upping its stake to about 24 percent from 20 percent. Jason Cheng, the joint owner of Daintree, was on Tuesday named an additional non-executive director.

Toledo said it plans to spend a significant part of the proceeds on a drilling campaign at the Berong nickel project.

It will examine the commercial viability of resuming mining operations at Berong, where it has a 56.1 percent stake, because of the recovery in nickel prices MNI3, recent enquiries from Chinese consumers, and a long term contract to supply the Yabulu nickel refinery.

(Reporting by Julie Crust; Editing by Myles Neligan)

($1=.6176 Pound)