Ausmon Resources (ASX:AOA) said it aims to raise up to AU$540,000 by offering up to 300 million fully-paid ordinary shares to eligible shareholders at AU$0.0018 per share, according to a Tuesday Australian bourse filing.

The proceeds from the fundraising will be used for reducing borrowings and accounts payable, exploration, and general working capital.

The share purchase plan is not underwritten.

If the firm does not raise AU$540,000 under the plan, the firm's directors reserve the right to issue shares to investors at their absolute discretion.

Eligible shareholders as of the record date of Monday, Feb. 17, can apply for up to AU$30,000 worth of shares without incurring brokerage or other transaction costs.