You do not what you are talking about.
Generally, VC investments are via preferred stock. Newby financing is secured debt w/ an equity kicker (warrants). Much more like a commercial investment bank than VC.
This is fantastic financing. Yes, upon exercise of the warrants, it will be dilutive, but (i) do you think that will happen all at once, so it crushes the pps? and (ii) what pps will we be at where it makes sense for the lender to begin to exercise?