Beyond Minerals (BY.CN) engages in the acquisition, development, and exploration of mineral property assets in Canada. The company primarily has a focus on Lithium, a commodity with great fundamentals given the increasing demand for Electric Vehicles.
Recently, the Company entered into agreements to option 57 high potential greenfield lithium properties totalling 125,751 hectares and has acquired through staking three properties totalling 9,104 hectares. This brings Beyond’s total lithium property in Ontario to 64 properties covering over 150,000 hectares, making Beyond the largest greenfield lithium exploration player in the Province.
With such a focus on lithium, Beyond Minerals said that a name change to Beyond Lithium would be voted on at the annual general and special meeting of shareholders held on May 15th 2023. Shareholders have voted in favour and approved the name change and other items of business.
Effective at the opening of markets on Thursday May 18, 2023, the Company’s common shares will begin trading on the Canadian Securities Exchange under the new name. The stock symbol will remain unchanged, however the new CUSIP will be 08863D100 and its new ISIN will be CA08863D1006. As a result of the name change, the Company’s website domain name will also change.
The Name Change does not affect the rights of the Company’s shareholders and no further action is required by existing shareholders. Shareholders can request replacement certificates with the new Company name from the Company’s transfer agent and registrar.
Other items of business included the election of director nominees, being Allan Frame, Craig Gibson, Tom Provost, James Campbell, and Michelle DeCecco. Shareholders also re-appointed Clearhouse LLP, Chartered Professional Accountants, as auditor of the Company.
The stock has retraced after printing new all time record highs on April 6th 2023. We now have retraced in a way where the price has broken and closed below a previous support level at $0.385. This was significant given the candle printed on May 5th 2023 which showed a large number of buyers defending this support with a large wick candle.
With this break, the stock would have to close back above $0.385 to neutralize the downside momentum. If it does not, then a deeper correction down to the next support level at $0.30 is in play.
The daily chart shows the overall trend, which is an uptrend. Traders should understand that this is currently a corrective move in the current uptrend. A close below $0.30 would end the current uptrend as this level is the higher low we are working with.
