09:00 AM EDT, 04/29/2024 (MT Newswires) -- Bedford Metals ( URGYF ) said on Monday that it reached a definitive option agreement for the Ubiquity Lake uranium project in Canada's Athabasca Basin.

In early March, the company announced its intention to acquire the project.

"The Ubiquity Lake uranium project represents a significant step forward in our mission to create shareholder value," Bedford President Peter Born said. "The addition of this highly prospective uranium project to our portfolio gives us the potential to play a role in the new green energy economy."

Ubiquity Lake is adjacent to ALX Resources ( ALXEF ) 's Carpenter Lake project to the east and located 100 kilometers west of Cameco ( CCJ ) 's past-producing Key Lake uranium mine.

Bedford's shares rose 3.1% last Friday to $1.65.