Legacy Minerals Holdings (ASX:LGM) completed an upsized placement of roughly AU$7.8 million worth of shares, according to a Friday filing with the Australian bourse.

The company will issue 43.1 million fully paid ordinary shares at AU$0.18 each in two tranches. Tranche one for 31.1 million shares will be issued via its bourse listing capacity, while the issue of tranche two for 12 million shares is subject to shareholder approval.

Participants will also receive 21.5 million attaching options based on one new option for two new shares, exercisable at AU$0.30 two years from the date of issue, the filing stated.

Proceeds will fund the mining company's Drake and Thomson gold-copper-silver projects in New South Wales.

Cumulus Wealth and Bell Potter Securities acted as joint lead managers to the placement, per the filing.