09:05 AM EDT, 05/21/2024 (MT Newswires) -- Bedford Metals ( URGYF ) said on Tuesday that it signed a definitive agreement for an option to acquire the Close Lake uranium project in the Athabasca Basin.

Bedford said the project is located near Cameco ( CCJ ) 's claims in the area.

Following due diligence, Bedford said it elected to proceed with a definitive agreement after recognizing the project's potential to contribute to the company's strategic objectives.

"We are thrilled to move forward with the Close Lake uranium project, which marks another step in our journey to build a world-class mineral project portfolio," Bedford President Peter Born said.

The company's share price rose 4% to $2.08 last Friday.