Essentially an in-specie distribution of 1 new share for every...

Essentially an in-specie distribution of 1 new share for every 12 held= 160 million shares
Plus priority issue
1 Minerals 260 Share for every 31.7504 shares held in Liontown = 30-60 million shares at an issue price of 50 cents
Market cap = $95-$110 million

Using the above I'm guessing FFX will do something similar using an initial valuation of $130m

FFX SOI fully diluted 940,000,000

1. an in-specie distribution of 1 new share in LEO for every 4 held in FFX = 235 million shares
2. priority issue to raise capital - 1 new share in LEO for every 5 held in LEO at 50 Cents = 47m x .50c = $23,500,000
3. total shares on issue =282million
4. Market Cap approx $141million based on issue price of 50 cents prior to ASX listing