Changing Post Metadata

I am new to WordPress and the Raindrops theme. I have searched for ways to change the metadata displayed for each post but this seems to be hidden in different places in different themes. I would like to remove some of the information from the default set of data displayed under the title of each post, currently “Posted on Date Time By”. How do I do this in Raindrops?

I would also like to be able to change font size and possibly move to a different position.

http://www.herburbia.co.uk