Management know the company is doomed, they couldn't raise a few...

Management know the company is doomed, they couldn't raise a few million before let alone $40 m now.
They are worried that share holders will go them for breaches of ASX rules such as failure to continuously disclose important information and arguably blatant deception. Right now they are going through the motions of being responsible/ acting in share holders interests by trying to raise money. The purpose is to placate share holders/ buy time and minimise claims against them. In other words they are stringing share holders along. This may continue for a while but I can't see a good ending. I doubt the company will trade again.

caveats: just my opinion, DYOR