Gold explorer Medoro Resources dropped to its lowest in over 10 months on news of private placement to raise up to C$10m

Gold explorer Medoro Resources dropped to its lowest in over 10 months as it announced details of a private placing to raise up to C$10m to fund its exploration and drilling program. The placing of as many as 25m units at C$0.40 each, or around 20.5p, will finance the firm's interests in Venezuela and Mali, as well being used for other general and corporate purposes, it said.