What are you talking about? How was there a waste of any money?...

What are you talking about? How was there a waste of any money? They had to extend it at the time because they didn't have the money to repay it. After the placement they have done prudent capital management by paying back the highest effective interest rate loan first.

There is an early repayment penalty for the convertible note as well. Given the timeframe and capital structure management have done exactly the right thing in choosing which debt to repay.

Personally I think they could have waited out the market for debt repayment rather than do the last capital raise. We would be waiting longer for the share price increase, but when it finally happened it would be much higher because of less dilution. Anyway, I also understand why they did it as well.

Regards
Marv

Disclosure: I hold plenty of CM8.