It is difficult to find something positive on the whole...

It is difficult to find something positive on the whole convertible note deal other than it was a quick solution after FT General Trading LLC didn't come to the party and that it has a 90 day standstill period.
Convertible notes are never cheap and this one won't be either. From what I can figure it will cost a minimum of $1.25 million if payed back within the 90 days standstill period, so payback amount $6.25 million more if VEC takes longer and only then any conversions can take place, which could hurt.

BTW, MEF I is not the same as Magna, but for Swami who was certainly working hard on this one it is and got the results as if MEF I was Magna.

Personally I think at the circumstances management did well by pulling of this alternative funding facility, because they certainly wouldn't have allowed for the FT General Trading LLC funding to fall over. I would compare it to say your monthly pay check would bounce for some unforeseen reason. What would you do?

The urgency is to arrange alternative finance within the 90 standstill period and repay the the minimum total of $6.25 million. So let's see what the VEC management is made of and how well they can present the project to alternative funders. So no pressure!