I got an offer on this the first time and rejected it. I was...

I got an offer on this the first time and rejected it. I was also later contacted for feedback, and I replied and told them the offering was not a serious attempt to raise money and that I'd expect a significant discount from the current price given that the company was out of cash and nowhere near cashflow positive.

They didn't come back for the second round. My guess is that the company fished for information and now have a better idea of what they can get for the stock. My guess is that this time they've done their homework and have lined up investors at the best price they can get (they don't need many of them because the raising is so small). This might turn out ok for existing shareholders because there is a reasonable chance that they'll find enough people who are sold on the stock to raise the capital they need.

I'm guessing that they're probably looking at around 7c plus the option. They're hoping that optimistic buyers won't dump the stock on the market after the raising and put some value on the options, despite what the Black-Scholes model tells us about their value.