If you read prawn_man post about 5 down from here, he has...

If you read prawn_man post about 5 down from here, he has explained it all.

Basically these "Loyalty" option shares will be issued on a 1 for 3 pro-rata basis and will be issued to GRL shareholders who are holding on 5th June 2020 (record date) and these options will expire 24 months later and will be exercisable at anytime within that period with an exercise price of .20 cents each option received.

These Loyalty options will not be listed however if GRL shares were to reach say .30 or .40 cents in that 24 month period, a holder of the options could pay .20 cents to Godolphin for each option and convert the options into fully paid shares.
The Loyalty option prospectus will be released to the market on 1st June 2020.