McLaren Minerals (ASX:MML) received commitments for a shortfall placement of over 20.6 million shares to raise a total of AU$1.5 million, according to a Monday filing with the Australian bourse.

The shares will be issued under the company's placement capacity in two tranches, with the first tranche comprising over 20.5 million shares to be issued at AU$0.035 a share and the remaining shares to be issued in the second tranche at the same price, the filing said.

The funds raised will be allocated to the McLaren titanium project's pre-feasibility study, exploration activities, tenement fees, offering costs, and working capital, the filing added.

CPS Capital managed the shortfall placement.