One item of note is that not only did they raise $7mil of cash @...

One item of note is that not only did they raise $7mil of cash @ 40c a share. (17.5mil shares).
At the same time they also converted $1mil of existing debt into shares (2.5mil) @ 40c..... this was snuck in there without any forward notice that I can see.
Both of these sets of new shares (20mil) came online today, so perhaps some of the converted debt is being sold off today (hence price weakness).

Another item to note around 'liquidity' of the company. of the 266mil odd shares the company has. ~167mil (2 thirds of the mkt cap) of these are in escrow (eg; can't be traded) until 2023. This is one reason why it generally has lower trading volumes compared to its peers.