** Shares of Australia's Culpeo Minerals CPO.AX drop as much as 23.1% to A$0.013, their lowest level since August 13

** Stock set for its weakest trading session in seven weeks, if current losses hold

** Copper explorer and developer to raise A$3 million ($1.96 million) through placement

** Offer price of A$0.011 per share represents a 15.4% discount to stock's last close

** Proceeds to fund further exploration and drilling at Lana Corina and Fortuna projects in Chile - co

** Stock down ~45% YTD, including day's moves

($1 = 1.5309 Australian dollars)

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))