What is it worth?, page-22

The issue with your point around the capital raising is that at 20c no matter what they raise it will be quite dilutive. (At a 30m market cap every $3m would be 10% right). I don't doubt they could get it done, it's just that we would see the price heavily capped until then.

I agree refinancing is far more likely, but they'll need to convince the lender earnings are solid. With cash flows as they are even if we only get a reprieve on the timeline but not the interest rate CM8 will still be in a better position. If they have assured revenues then I don't see why another lender would not be willing to extend a new line of credit. I imagine the delay is a combination of proving revenue stability and Dom pushing for the best terms possible.