12:01 PM EDT, 04/29/2024 (MT Newswires) -- Bedford Metals ( URGYF ) shares were least seen up 6.7% after the company said on Monday it reached a definitive option agreement for the Ubiquity Lake uranium project in Saskatchewan'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 ) Carpenter Lake project to the east and located 100 kilometers west of Cameco's ( CCJ ) past-producing Key Lake uranium mine.

Bedford's shares were last seen up C$0.11 to $1.76 per share on the TSX Venture Exchange.

Price: 1.76, Change: +0.11, Percent Change: +6.67