Enova Mining (ASX:ENV) has secured commitments to raise up to $1.5 million via a placement.

The placement, which was oversubscribed, will be delivered in two tranches, with the initial tranche comprising slightly over 97 million shares priced at $0.006 per share, resulting in a total raise of $586,394.

Another 152 million free-attaching options will be issued under Tranche 2 at a $0.012 exercise price, expiring five years from the date of issue.

Enova specifically plans to allocate $1 million of the raised funds for technical development.