The CR price was detailed in the below announcement from Dec 2020. The recent placement was at that price.
I would expect that MMR would be looking at raising the absolute bare minimum needed to comply with re-listing requirements, hence my guesstimate of $2M-$4M.
Once the NOPTA application outcome is known, then they (and BPH, and GBA, and others) will look to source funding for the exploration program (assuming the application is approved). Do you remember the Advent offer in late 2020/early 2021?
That strategy is outlined in the Federal Court bundle but I won't post it as the passage of time may mean the strategy is now out of date.
Raising more than the bare minimum to gain re-admission just wouldn't make sense given how undervalued the SP currently sits.
(20min delay)