How did you arrive at $0.0044 and $2m-$4m CR - inside knowledge...

How did you arrive at $0.0044 and $2m-$4m CR - inside knowledge or best guess? Those funds would not be sufficient to maintain MMR's holding in Advent assuming Advent needs ~$30m to fund the next well. Presumably the cap raising is also dependent upon PEP11 reinstatement.
Multiple raisings should then be expected over the next 12-24 months.

Given the time out of trading is there an expectation from the ASX that 'new investors' are needed to support the capital structure? A recompliance in all but name...

If BPH's market cap is ~$18m, and MMR's is presently $3m, then a post-raising MC of about $18m could be justified based on rough equivalence of holding in Advent. This ignores BPH's biotech fiddling and MMR's special tax status.
Let's call it a post-raising MC of $15m to motivate the people digging into their pockets.
In which case we're talking about a $0.013 share price for the capital raising assuming about 850m shares currently on issue.

Would you invest at $0.013 given last share price was $0.004?