Billings ability...

Kapunda background...
http://www.valuethemarkets.com/inde...-low-grades-suit-leaching-project-ground-thr/

announcement...
"Thor will invest in a newly incorporated private Australian company, Environmental Copper Recovery SA Pty Ltd. (“ECR”), initially via convertible loan notes of up to A$1.8 million"

see:
http://www.thormining.com/-/thor/lib/docs/asx releases/20170801 ASX THR Copper Investment.pdf

Convertable Loan Notes...
A bit like IOU's. The important thing for Thor shareholders is the SP at the time of the CLN issue and when the CLN is redeemed.

If the SP has risen then ECR will want to convert the CLN's into shares and sell the shares to get the cash. If the SP has fallen then ECR will want to redeem their loan for cash from Thors cash reserves.

"It is self-evident, but in the event that CLNs are converted then existing shareholders (everything else being equal) will suffer dilution, and in the event that CLNs are redeemed then the issuer will have to find the cash to redeem them."

see:
http://www.growthbusiness.co.uk/convertible-loan-notes-explained-1059157/

I think this explains the very strange recent 'letter to shareholders' and the following house broker fantasy predictions...
Billing apparently has no wish to devalue shareholders investment...but if he has to or wants to...he will...12 years evidence is proof of that...

worth watching again... note this is from April 2018...
if your busy just watch the video 8 mins 15 secs in.. "I don't want to dilute our shareholders anymore than we absolutely have to..."



is he taking the Pi55???

gla MT