News: CEL Challenger Gold Forecasts EBITDA Of US$738 Mln Over Life Of Mine For Hualilan Gold Project, page-14

Normally, when an asset gets spun out into a new entity, the existing SHrs get a one for one share.
Keeping it simple if ya have a thousand shares in CEL, you get a thousand shares in the new entity.

Understanding Spinoffs

A parent company will spin off part of its business if it expects that it will be lucrative to do so. The spinoff will have a separate management structure and a new name, but it will retain the same assets, intellectual property, and human resources. The parent company will continue to provide financial and technological support, in most cases.

How Spinoffs Are Created

A corporation creates a spinoff by distributing 100% of its ownership interest in that business unit as shares of stock to existing shareholders.

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