Ann: Merger & IPO Spin-Out of LEL and NVX Natural Graphite Assets, page-47

Graham clearly states (https://vimeo.com/930462443) that existing NVX/LEL SHs will have "priority rights" into the IPO which may be scaled back if oversubscribed.

The $15, 20 or 25m raised will be used to infill drill between the tenements which may well increase graphite resources with the LEL pilot plant plans construction the end goal.

IMO, the merger will be led by LEL as the Burke Minerals subsidiary is changing its name to Axon Graphite and Graham will probably lead the development.