** Shares of Australia's Codrus Minerals CDR.AX drop as much as 7.9% to A$0.035, their biggest intraday pct fall since April 30

** Stock on track to record its second consecutive session of losses, if trend holds

** The critical minerals explorer says it will raise A$1.24 million ($794,468) via placement at an issue price of A$0.03 per share

** Issue price represents a discount of 21.1% to stock's last closing

** Funds raised will strengthen Codrus' financial position as it advances the Bull Run Gold Project in Oregon, USA, says Codrus

** Stock has risen 123.5% this year, as of 0116 GMT

($1 = 1.5608 Australian dollars)

(Reporting by Roshan Thomas in Bengaluru)

((Roshan.Thomas@thomsonreuters.com))