Lightning Minerals IPO, page-9

~$10M Market Cap.

But there's 10M options exercisable at 25c to management & PAC aswell as another 22.5M (half of existing 10M & new 35M, 45/2) Loyalty option that'll be prescribed come 3 months time to existing holders on a record date.
So eventually in 3 months time, including all options there'll be ~80M SOI (including oppies)
Those ~22.5M oppies will raise $5.5M to be converted down the track.

Also note Lead Manager PAC, took their fee in lieu of cash in shares so that's a definite positive IMO.