why do they need security or shareholder approval?
In all cases, creditors rank before equity holders so in a worse-case situation any funds raised by the sale of assets would go to the loan holders before shareholders so there is no need for any security arrangement. The only time registering a security interest (to determine ranking) is relevant is if there are multiple parties providing funds which doesn't appear to be the case here.
(this is what I do as a day job).
Ann: Highly prospective Lithium project secured, 3.15% Rock Chips, page-49
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