Ann: GBR confirms Cosmo Metals spin-out, page-6

Cosmo Metals IPO : What is on offer to existing shareholders

My rough calculations indicate GBR shareholders would be offered 1 priority Cosmo share (at 20 cents) for every 18.75 GBR shares held (not sure of the cut off record date).

That's based upon all GBR holders taking up their full entitlement. So that's 20M for priority GBR holders and between 5M and 15M offered to the public which would include GBR holders wanting more than their priority entitlement. It should be a very successful IPO, especially as most of the long term holders bought into GBR because of the assets being spun out into Cosmo Metals.