With its prospects dimming, Nokia is exploring all possible avenues to raise money — even if those efforts don’t involve selling phones.

The company’s latest plan? Issue investors bonds that can be converted into more lucrative shares down the line, as Reuters reports.

While the particulars of the move mean little to those outside the investment world, the key takeaway is this: The plan could enable Nokia to raise up to a 750 million euros ($980 million), which is quite a bit of money for a company that had roughly 3.6 billion euros at the end of September.

The news comes weeks after Nokia began looking into selling its Espoo, Finland headquarters in a similar effort to replenish its dwindling reserves. The pricetag for the sale: up to$388 million.

So, no — it’s probably not a understatement to say Nokia is strapped for cash. The company’s bottom line has been decimated, its smartphone marketshare is nonexistent, and its future is very much in doubt.

Of course, that future is increasingly tied on the company’s latest set of  Windows 8 Lumia devices, which go on sale next month. While raising $1 billion won’t help the company much if those Lumia plans go belly up, Nokia has to raise some short-term cash somehow.

Photo: Devindra Hardawar/VentureBeat